Gold-silver price, August 17: The price of gold remained stable in the country today. On the Multi Commodity Exchange (MCX), the gold contract for October was trading flat at Rs 47,230 per 10 grams at 09.15 pm tonight.
Gold prices corrected after a volatile session early last week. However, after the previous trading session, there was a jump in silver prices on Tuesday. Its price today rose 0.26 per cent to Rs 62,620.
Gold prices remained stable in the international market as well. The price of gold remained near the highest level of the week. Spot gold rose marginally to USD 1,787.90 an ounce. US gold futures fell 0.1 per cent to USD 1,788.40 an ounce. On the other hand, silver rose 0.3 per cent to USD 23.89 an ounce.
US Federal Reserve’s July meeting
The US dollar remained stronger than its peers. Investors are eagerly awaiting the minutes of the US Federal Reserve’s July meeting, which will be released on Wednesday. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, announced that its holdings fell 0.1 per cent to 1,020.63 tonnes on Monday.
prices may rise
According to Sriram Iyer, Senior Analyst at Reliance Securities, there was a marginal decline in international spot and futures prices in Asian trade on Tuesday morning. However, with the aim of taking the pressure off the rising delta type cases as well as from a stronger dollar, safer investment options are being recommended. Technically, LBMA Gold will continue to rise towards the US$1792-US$1805 level. Support is at the US$1774-US$1765 level. The LBMA silver range from USD 23 to USD 24.10 – USD 25.22.
On the other hand, according to Amit Khare of Ganganagar Commodities Limited, we are seeing short-covering rallies in Gold and Silver from last three trading sessions which may continue for next few trading sessions. Gold sentiment on MCX is positive and is expected to remain in the rupee range. 47,000 to Rs. 48,000 in the short term.
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