Gold prices in India today rose in line with firming global rates. Gold futures up 0.4% on MCX 50,466 per 10 grams while silver futures jumped 1% 55,816 per kg. On Friday, the Indian government cut import prices of some commodities, including gold, as prices improved in the world market. The government revises the base import prices for edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax to be paid to an importer.
India is the world’s largest importer of edible oils and silver and the second largest consumer of gold. Gold rates in India include 15% import duty and 3% GST.
Gold buying is expected to increase in India ahead of Dhanteras and Diwali festival. The government reduced the base import price of gold from $533 to $531 per 10 grams.
In international markets, gold rates rebounded from two-month lows today, halting the dollar’s rally. Spot gold rose 0.4% to $1,648.91 an ounce, after falling nearly 3% last week. But strong US bond yields limited gains in the precious metal. The dollar index was flat last week after hitting a 14-year peak. The US dollar and yields have been a staple gold in recent months. Gold is highly sensitive to rising US rates, which increases the opportunity cost of holding non-yield gold.
Spot silver rose 0.7% to $18.39 an ounce, platinum rose 0.3% to $901.67 and palladium gained 1.7% to $2,022.60.
“Gold and silver saw heavy selling last week following a fall in US economic data and strong gains in the dollar index and US bond yields. It was the worst week for both gold in the past two months, and the worst week for silver for the first time since September 2021. Last week, gold fell below $1,650 per troy ounce, while silver fell below $18.50 per troy ounce. Rahul Kalantri, VP Commodities, Mehta Equities Ltd. said.
,Sleep Support lies at $1640-1628, while resistance lies at $1662-1674. Silver has support at $18.10.-17.80, while resistance lies at $18.72-18.95. Gold has support in rupee terms 50,020-49,780, while resistance is at 50,410, 51,580. Silver has support at Rs 54,750-54,240, while it is at resistance. 55,880-56,450,” he said.
Despite a recent price correction in the precious metal, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell by 3.18 tonnes on Friday, their biggest one-day outflow since September 26.
Almost fall in gold prices in India 1,500 from this month’s high 52,000 per 10 grams. (with agency input)
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