Gold futures were last seen trading lower by Rs 29- or 0.06 percent - at Rs 47,555 Gold Rate In India: Gold futures traded in the negative territory on Tuesday, August 24, as the yellow metal mirrored global trends.
On the Multi Product Exchange (MCX), gold futures due for an October 5 shipment, were last seen trading lower by Rs 29 - or 0.06 percent - at Rs 47,555, compared to their previous close of Rs 47,584.
Silver futures due for a September 3 shipment were last up 0.22 percent at Rs 63,066 versus a previous close of Rs 62,927.
(Also Read: SBI Offers 7.5% Rate Of Interest On Gold Loan: How To Use On YONO App )Domestic area gold opened at Rs 47,646 per 10 grams on Tuesday, and silver at Rs 63,030 per kg - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Gold is considered as a hedge versus inflation, while the rising interest rates boost the opportunity expense of holding non-yielding gold, according to experts.Ravindra Rao, CMT, EPAT, VP- Head Product Research Study at Kotak Securities: COMEX gold trades marginally lower near $1805/oz after a 1.3 per cent gain yesterday.
Gold steadied as the US dollar index paused after yesterday's decline.
Supporting cost is reduced expectations of Fed's monetary tightening post remarks from Dallas Fed President Robert Kaplan, blended economic data from significant economies, tensions associating with Afghanistan and continuing infection concerns.Weighing on rate is continuing ETF outflows and recovery in equity markets.
Gold's break above $1800/oz programs favorable momentum however acquires may be limited if bulls fall in keeping it above $1800/oz.