INSUBCONTINENT EXCLUSIVE:
Gold futures were last seen trading lower by Rs 7- or 0.02 per cent - at Rs 46,069 Gold Rate In India: Gold futures traded mixed on Friday,
September 17, as the yellow metal mirrored trends in the worldwide markets
On the Multi Product Exchange (MCX), gold futures due for an October 5 delivery, were last seen trading lower by Rs 7 - or 0.02 percent - at
Rs 46,069, compared to their previous close of Rs 46,076
Silver futures due for a December 3 delivery were last up 0.29 percent at Rs 61,254 against a previous close of Rs 61,077
Domestic area gold opened at Rs 46,333 per 10 grams on Friday, and silver at Rs 61,063 per kg - both rates excluding GST, according to
Mumbai-based industry body India Bullion and Jewellers Association (IBJA)
Gold rates track a direct relationship with the dollar and shares an inverse relationship with the strengthening of the rupee against the
Mr Amit Pabari, MD, CR Forex: Regardless of the equity market's outperformance, Rupee has actually remained in the range of 73.00-75.00
zone over the last few months as RBI is handling it closely
Further, unanticipated development in the US, elevated inflation, and stable task market favours tapering case and thus bullish for USD
This might keep the rupee frequently in check.In a nutshell, the tussle between 'RBI/importers' and 'inflows' continue even more and thus
Rupee could trade in the tight variety of 73.30 to 73.80 over the short term and 73 to 74.20 over the medium term
The predisposition is most likely to remain on the benefit
COMEX gold trades little changed near $1756/oz after a sharp 2.1 percent decrease yesterday
Weighing on gold is positive United States financial data which strengthened the case for Fed's financial tightening up
Nevertheless, supporting cost is rising inflation issues, persisting infection dangers, concerns about the health of the Chinese economy and
increased geopolitical tensions.ETF inflows likewise showed some purchasing interest at lower levels however the pace was modest
Gold's sharp fall has actually dented market sentiment however we believe that market response to United States data was exaggerated and
rate might stabilize near $1750/oz level, stated Mr Ravindra Rao, CMT, EPAT, VP- Head Commodity Research Study at Kotak Securities
