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Home Business Gold prices today recover to Rs 46,400; silver above Rs 69,500

Gold prices today recover to Rs 46,400; silver above Rs 69,500

NEW DELHI: Gold and silver futures prices recovered on Thursday following the pattern within the worldwide market, thanks to drop within the bond yield. But rising inflation within the US supplied some assist.

US retail gross sales rebounded sharply in January and manufacturing exercise rose, whereas US producer prices elevated by essentially the most since 2009, suggesting inflation was beginning to creep up. Gold is commonly seen as a hedge in opposition to inflation.

Gold futures on MCX had been up 0.40 per cent or Rs 187 at Rs 46,424 per 10 grams. Silver futures added 0.42 per cent or Rs 293 to Rs 69,524 per kg.

“Gold prices halted a five day decline on Wednesday with spot gold price at COMEX was trading up by 0.40 per cent in the morning trade at $1,784 per ounce. The yellow metal was trading under pressure on economic recovery optimism with positive US retail sales data and dollar recovery. The rise in bond yields also weighed on gold prices,” stated Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

In the spot market, Gold within the nationwide capital plunged Rs 717 to Rs 46,102 per 10 gram on Wednesday in step with decline in international treasured metallic prices. Silver additionally declined Rs 1,274 to Rs 68,239 per kg.



Trading methods

“We expect gold prices to trade sideways to down as prices need to trade above $1,800 to resume the uptrend while support lies at $1,760 per ounce. MCX Gold April futures support lies at Rs 45,900 per 10 gram while resistance at Rs 46,700 per 10 gram,” stated Patel.

Global markets

Gold prices inched up on Thursday, recovering from a greater than two-month low hit within the earlier session as US Treasury yields retreated, though a stronger greenback saved bullion’s beneficial properties in test.

Spot gold was up 0.1 per cent at $1,777.06 per ounce by 0012 GMT, having dropped to its lowest since Nov. 30 at $1,768.60 on Wednesday. US gold futures rose 0.3 per cent to $1,777.40.

Silver eased 0.1 per cent to $27.33 an oz.. Platinum gained 1.4 per cent to $1,271.15 and palladium added 0.2 per cent to $2,376.76.

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