Gold Price in India: Domestic gold futures registered a volatile trading session on Thursday, January 14, as the prices fell sharply, plunging below Rs 49,000 level. Silver rates also suffered a steep decline. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading lower by 0.48 per cent – at Rs 49,070, having swung between Rs 48,751 and Rs 49,211 during the session compared to their previous close of Rs 49,305. Silver futures for a March 5 delivery were trading marginally higher by 0.03 per cent at Rs 66,041. (Also Read: Is Silver The New Gold?)
— IBJA (@IBJA1919) January 14, 2021
Domestic spot gold closed at Rs 49,011 per 10 grams on Thursday, and silver at Rs 64,804 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“COMEX gold trades 0.45 per cent lower near $1837/oz after a 0.6 per cent gain yesterday. Gold continues to trade in broad range as support from higher US stimulus, rising virus cases, impeachment proceedings against President Trump is countered by vaccine progress and weaker investor interest as is evident from ETF outflows. Gold may remain choppy unless there are fresh triggers however general expectation of higher US stimulus may continue to support prices,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Meanwhile, the rupee gained 11 paise against the US dollar on Thursday, and settled at 73.04 (provisional), supported by weak American currency and sustained foreign fund inflows. Brent crude futures, the global oil benchmark, fell 0.21 per cent to $ 55.94 per barrel.