Gold, silver trade mixed amid hopes Fed may hold interest rates
Mumbai, July 2
Gold and silver traded mixed in Thursday morning's session, with gold edging lower on profit booking and silver extending gains for a third straight session amid expectations that the US Federal Reserve may not rush to raise interest rates.
On the Multi Commodity Exchange (MCX), gold futures (August) opened at Rs 1,43,882 per 10 grams, down Rs 548 or 0.37 per cent from the previous close of Rs 1,44,430.
At around 10:40 am, the yellow metal was trading at Rs 1,43,797, down Rs 633 or 0.44 per cent. During the session so far, gold touched an intraday low of Rs 1,43,771, down 0.45 per cent or Rs 659, and a high of Rs 1,44,448.
Meanwhile, silver futures (September) outperformed gold, jumping as much as 0.84 per cent or nearly Rs 2,000 to Rs 2,32,339 per kg, its intraday high so far.
The white metal was trading at Rs 2,30,790, up Rs 406 or 0.18 per cent. It touched an intraday low of Rs 2,30,513.
Earlier in the day, silver opened at Rs 2,31,196, up Rs 812 or 0.35 per cent from the previous close of Rs 2,30,384.
In the international market, gold was down 0.14 per cent at $4,076 per ounce, while silver edged up 0.14 per cent to $60.59 per ounce.
According to market experts, gold witnessed profit booking after COMEX gold corrected from the previous session's peak of $4,115 per ounce, with investors awaiting the US non-farm payrolls report for fresh cues on the Federal Reserve's interest rate trajectory.
However, softer-than-expected US jobs data and lower crude oil prices helped limit losses in the yellow metal.
Silver, meanwhile, is likely to maintain its positive momentum after rising for a third consecutive session, supported by easing US inflation expectations.
Experts said comments from the US Federal Reserve Chairman suggesting there is no urgency to raise interest rates have boosted sentiment for the white metal.
— IANS
Reader Comments
As a housewife, I always track gold prices for jewellery purchases. Rs 1,43,797 per 10g is still quite high. Waiting for a bigger correction before I go ahead with buying for my daughter's wedding. Market experts should also advise us common folks on best buying timings!
Silver is the real story here! Up Rs 2,000 intra-day high is no joke. With industrial demand rising and Fed dovish, this could be silver's time to shine. I'm adding more silver futures to my trading positions. Let's see if it breaks Rs 2,35,000 this week. 🚀
Good article! One thing missing - why didn't they mention the impact on Indian import duties and rupee? MCX gold at Rs 1.44L is also due to rupee depreciation against dollar. Always check international prices in dollar terms for clearer picture. 🙏
Still too volatile for small investors like me. I'll wait for the US non-farm payrolls data to get clarity. Last time, when jobs data came strong, gold crashed badly. Better to be cautious now. Patience is key in metals trading.
Interesting how silver is outperforming gold! That Rs 2,32,339 intraday high is impressive. With solar panel and electric vehicle demand for silver, the white metal might have more room to run. Though I wish the article mentioned more about these industrial uses.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.