Wed, December 07, 2022

Gold prices are declining marginally


Gold prices dipped somewhat by Rs 90 to Rs 44,847 per 10 gram in the Mumbai retail market, tracking energetic appreciation in the rupee and low global cues.

The yellow metal fought to get past the $1,750/oz’s stiff resistance zone on a closing basis.

The rate of 10 gram 22-carat gold in Mumbai held Rs 41,080 plus 3 percent GST, while 24-carat 10 gram did Rs 44,847 plus GST. The 18-carat gold is priced at Rs 33,635 plus GST in the retail market.

Talking at the 3rd ICC Gems & Jewellery Summit organized by the Indian Chamber of Commerce (ICC), P R Somasundaram, Managing Director, World Gold Council, notified that gold category marketing is the anvil.

Mr. Somasundaram also stated that the Jewelry sector doesn’t value 7% of GDP and 1 to 1.3% of GDP. He declared a requirement to build data, infrastructure, and a self-governance framework before addressing the Government for policy.

The yellow metal prices received support from rising COVID-19 cases, and Treasury yields cool off after running a 13-month high of 1.74 percent last week.

Market players will concentrate on US Fed Chair Jerome Powell’s talk and the US existing home sales data scheduled later in the day.

The CFTC data revealed that money managers raised net long positions by 12,845 lots in the last week.

Spot gold fell by $7.90 to $1,737.50 an ounce

The US dollar trades below at 91.79 or down 0.14 percent versus a six rival currencies basket.

The US 10-year treasury yields dipped to 1.68 percent, down five basis points following promising Federal Reserve officials’ comments.

Gold holdings in SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, continued fixed at 1052 tonnes last week.

Spot gold fell by $7.90 to $1,737.50 an ounce at 11:54 GMT in London trading.

MCX Bulldesk declined 124 points or 0.87 percent, to 14,210 at 17:34. The index traces the real-time display of MCX Gold and MCX Silver futures.

The gold/silver ratio currently reaches 68.13 to 1, which indicates the number of silver ounces needed to purchase one ounce of the yellow metal.

Silver prices declined by Rs 998 to Rs 65,817 per kg from its closing on March 19.

In the futures market, the gold rate reached an intraday high of Rs 45,040 and an intraday low of Rs 44,630 on the Multi-Commodity Exchange (MCX). For the April series, the yellow metal reached a low of Rs 44,150 and a high of Rs 51,931.


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