Gold Price in India: Domestic gold futures registered a positive trading session on Thursday, January 21, as prices increased amid a steady trading session. In the national capital, gold rates jumped Rs 575 to Rs 49,125 per 10 gm amid firm global market trend, according to HDFC Securities. Silver prices were up by Rs 1,227 to Rs 66,699 per kg, as compared to the previous close of Rs 65,472. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading higher by 0.12 per cent – at Rs 49,595.00, having swung between Rs 49,555 and Rs 49,765 during the session compared to their previous close of Rs 49,534. Silver futures for a March 5 delivery were trading lower by 0.69 per cent at Rs 67,4500. (Also Read: Is Silver The New Gold?)
“Spot gold prices for 24 karat gold in Delhi rallied for the fourth consecutive day by Rs 575 in line with surge in COMEX (New York-based commodity bourse) gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
— IBJA (@IBJA1919) January 21, 2021
Domestic spot gold closed at Rs 49,659 per 10 grams on Thursday, and silver at Rs 67,160 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). In the international market, gold was trading firm at $ 1,870.50 an ounce while silver was up at $ 25.83 an ounce.
“COMEX gold trades marginally higher near $1869/oz after a 1.4 per cent gain yesterday. Gold is supported by weakness in the US dollar; increased US stimulus expectations; rising virus cases and increased US-China tensions. However; weighing on price is vaccine progress and weaker investor interest as is evident from ETF flows. Gold’s break past the $1860/oz may lead to extended gains however the momentum may sustain only if there is progress on US stimulus talks,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Meanwhile, the rupee maintained its three-session winning streak and gained six paise against the US dollar on Thursday, to close at a near five-month high mark of 72.99, amid strong domestic equities and weaker American currency. Brent crude futures, the global oil benchmark, dropped 0.87 per cent to $ 55.59 per barrel.