Gold futures were last seen trading lower by Rs 33 or 0.07 percent - at Rs 47,916 Gold Rate In India: Gold futures traded lower on Thursday, January 6, as the yellow metal took hints from trends in global markets.
On the Multi Product Exchange (MCX), gold futures due for a February 4 shipment, were last seen trading lower by Rs 333 or 0.69 per cent - at Rs 47,688, compared to their previous close of Rs 48,021.
Silver futures due for a March 4 shipment were last down 0.7 percent or Rs 1,055 at Rs 61,183 against a previous close of Rs 62,238.
Domestic spot gold opened at Rs 47,847 per 10 grams on Thursday, and silver at Rs 60,846 per kilogram - both rates leaving out GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What experts state: Gold is captured in between two elements - supporting it is the extremely high variety of COVID cases that feeds into the gold safe-haven appeal.
The aspect offering gold some resistance is the strength of the dollar and the probability that the dollar might get even more powerful since of the Fed's tightening financial policy, stated Ricardo Evangelista, senior analyst at ActivTrades.Ravindra Rao, CMT, EPAT, VP- Head Product Research at Kotak Securities: COMEX gold has slipped over 0.9 percent to trade near $1810/oz as FOMC minutes revealed that Fed authorities are thinking about much faster rate walkings and likewise decreasing the balance sheet.
The losses are however limited by increasing infection concerns.Gold has as soon as again remedied after failing to sustain above $1830/oz but has so far managed to hold above $1800/oz level.
With mixed factors in place, cost might remain in a broad range nevertheless general bias may be on the drawback as Fed's position might keep US dollar supported.