GoldGold opened at a gapped up level of Rs 47,245, up by almost 150 points from its previous closing on Thursday, April 29, however, it continued a bearish momentum and declined by more than 200 points towards the evening, giving up its Rs 47,000 mark. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 369 – or 0.78 per cent – at Rs 46,724, having swung between Rs 46,462 and Rs 47,299 during the session so far, compared to their previous close of Rs 47,093. Silver futures for a May 5 delivery were last down 0.62 per cent at Rs 67,365. (Also Read: Is Silver The New Gold
— IBJA (@IBJA1919) April 29, 2021
Domestic spot gold closed at Rs 46,930 per 10 grams on Thursday, and silver at Rs 68,460 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
In global markets, gold fell today giving up early gains as U.S. Treasury yields rose ahead of the U.S. economic data, while persistent supply concerns pushed palladium to an all-time peak. ”Global gold demand in the first quarter dropped from a year ago on the back of a more than 70 per cent year-on-year decline in gold investments, according to a report from the World Gold
What analysts say:
“COMEX gold trades about 0.8 per cent higher near $1788/oz after a 0.3 per cent decline yesterday. GoldBiden administration,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
”However, weighing on price is weaker investor buying and concerns about Indian demand. Gold