Precious Metals

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Bangalore, Chennai, and Hyderabad at Rs 79,650.

Silver is expected to trade with a positive bias in near-term on the US presidential election uncertainties, healthy ETF inflows, and strong demand in India amid geopolitical tensions

The precious metal had settled at Rs 78,450 per 10 grams in the previous close on Friday

Spot gold was trading with a loss of around 0.45 per cent at $2,570 at the time of the MCX closing. The MCX October gold contract closed at Rs 73,150 (LTP), down 0.49 per cent.

Silver price outlook by Sharekhan: Silver has got many supporting factors to push it higher as the Fed begins slashing rates.

Flight restrictions and precious metal refinery closures in early 2020 created worries that traders would not be able to move gold to the United States in time to deliver against futures contracts

Technical charts suggest that the bias for Gold is likely to remain positive as long as Rs 73,100 holds; while in case of Silver the bullish pivot stands at Rs 89,000.

Gold prices, CLSA said, have risen from $1,806 per ounce (oz) since Tokyo Olympics 2020 began on July 23, 2021 to $2,387/oz at the start of Paris Olympics 2024 on July 26

Think tank GTRI on Tuesday expressed serious concerns over spurt in import of precious metals from the UAE under a free trade agreement and demanded an investigation as it is impacting domestic jewellery industry and leading to potential annual revenue loss. The Global Trade Research Initiative (GTRI) said that by addressing these issues, authorities can ensure the integrity of import practices, safeguard domestic industries, and prevent significant revenue losses. Seeking an urgent review of the agreement, it said the India-UAE comprehensive economic partnership agreement (CEPA) allows unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years. This will lead to significant "annual revenue losses, move import business from banks to a few private traders, and replace top suppliers with Dubai-based firms," it said in its report. "The zero-tariff policy under CEPA is projected to cause an annual revenue loss of Rs 63,375 cr

The metal was changing hands at $2381 at the time of the MCX closing, which is down 0.20 per cent from Wednesday's closing level

The price of 22-carat gold also dipped Rs 10, with the yellow metal selling at Rs 67,540

The price of 22-carat gold also dipped Rs 10, with the yellow metal selling at Rs 68,040

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 74,120

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 73,160

During economic uncertainties, investors often turn to precious metals like silver to safeguard their wealth

China's official gold reserves, Wood said, have increased by 314 tonnes, or 16.1 per cent, from 1,948 tonnes at the end of October 2022 to 2,262 tonnes at the end of March 2024

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 71,630

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 71,280

The MCX Gold futures have gained 4 per cent and Silver 6.5 per cent so far in March on hopes of interest rate cuts in the US. Chart suggests that positive bias shall prevail in the near-term.

The price of 22-carat gold also slipped Rs 10 with the yellow metal selling at Rs 58,740