Gold futures were trading lower by Rs 109- or 0.23 percent - at Rs 46,787 Gold Price In India: Gold futures traded in the unfavorable territory on Thursday, September 16, as the yellow metal matching muted trend in the global markets.
On the Multi Product Exchange (MCX), gold futures due for an October 5 shipment, were last seen trading lower by Rs 109 - or 0.23 per cent - at Rs 46,787, compared to their previous close of Rs 46,896.
Silver futures due for a December 3 delivery were last up 0.21 percent at Rs 63,423 versus a previous close of Rs 63,293.
Domestic area gold opened at Rs 46,839 per 10 grams on Thursday, and silver at Rs 62,532 per kilogram - both rates omitting GST, according to Mumbai-based market body India Bullion and Jewellers Association (IBJA).
What professionals say: On Wednesday, September 15, the rupee acquired 18 paise to settle at 73.50 versus the greenback on hopes of foreign fund circulation, after the Cabinet cleared productive connected reward plans for the telecom and vehicle sectors.
Gold rates have a direct relationship with the dollar and mostly tracks an inverted relationship with the conditioning of the rupee against the American dollar.
Mr Amit Pabari, MD, CR Forex: Internationally, the dollar index lost ground after touching a one-week high of 92.68 amidst weaker than anticipated CPI inflation data which made financiers reevaluate the timing of Fed tapering.
That apart, US commercial production information also missed out on projections can be found in at 0.4 percent for August, down from 0.9 per cent in July.Economic indicators suggest that still issues persist over a slowing worldwide financial healing.
Attention will now turn to US retail sales data which is due today and the FOMC conference next week for further clearness on the dollar.USDINR pair might remain under pressure with upcoming inflows on account of Govt selling 5% stake in Hindustan Copper, Temasek obtaining 40 per cent stake in Integrace for 550crs, and Quadpro ITeS Limited IPO for 6000crs.
More drive in rupee motion will be depending on whether RBI gets lax on rupee appreciation or cap its gains thereof.
Technically, the next assistance for the pair is near 73.20 and 73.80 stays a strong resistance, keeping the set consolidated between 73.20-73.80 for the near term.
COMEX gold trades marginally greater near $1796/oz after a 0.7 per cent decrease yesterday.
Supporting gold rate is weak point in the United States dollar, issues about the health of the Chinese economy, geopolitical tensions and persisting infection risks.However, weighing on cost is weaker financier interest, stability in equity markets and continuing argument about Fed's monetary tightening up.
Gold might stay choppy near $1800/oz as market gamers remain non-committal ahead of the Fed meeting next week however challenges for the global economy may keep costs supported, said Mr Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.