Gold Prices Struggles in Indian Market

Due to the increase in the prices the Gold prices are struggling in Indian markets. It has been noticed that MCX, gold futures rated flat at Rs. 46,947 after surging to Rs 700 in the previous session.

The Silver futures added upto 0.24% to Rs 70,598 per kg, extending the previous session’s Rs.1,500 gain. Over 2% has dropped in the previous week, gold prices have rebounded the week as traders are again focusing on the increase in inflation expectations and the massive economy is stimulating in the US.

In the international markets, gold rates are surprisingly extended after an increase in the previous session as benchmark US Treasury has retreated. It has been spotted that gold has risen upto 0.1% to $1,809.57 after an increase of 1.5% in the previous session. A flat US dollar has also supported the gains. The higher yields increase the opportunity cost of holding bullion.

The gold is projected to continue with the rigid hold of $1760. The importance resistance is settled at $1870. An anticipated drop figures below $1755 and could be an early indication of major selling pressure, domestic brokerage Geojit.  

Benchmark in US Treasury yield from a one-year peak. It has been the major holdings in gold-backed exchange-traded funds to see a steady outflow of the gold price. Moreover, the holdings of SPDR Gold Trust has been the world’s largest gold-backed exchange-traded fund that measures the drop-down of 1.1% to 1115.4 tonnes on Monday. 

Gold continues to follow overseas sentiment but weak prices are expected to attract more physical holdings poised for fifth monthly outflows by the end of February. 

Among other precious metals, silver has been eased 0.4% to $28.04. The platinum shed has risen to 0.4% to $1,267.46, whereas palladium has risen to 0.3% to $2,401.52.


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