The gold price today for 24-carat gold in New Delhi fell to Rs 47,150 from Rs 47,700 per 10 gram. Gold rate in Chennai is Rs 49,170 and Mumbai Rs 46,950
Investors booked white precious metal as an alternative to gold amid expectation of an spurt in demand with gradual opening up of economy from an eight-week nationwide lockdown
Gold price today: The price of 22-carat gold is about Rs 45,600 in New Delhi per 10 gram while in Chennai, the price is at Rs 44,310
Stress ratio, a barometer for economy, also indicates tension ahead
If 3% GST is considered, price is just Rs 1,715 away from Rs 50,000 per 10 gram; Silver hits Rs 45,035 a kg, up Rs 2,050 from yesterday
Gold is trading near all time high and some pullback is expected. Instead of chasing prices at a higher level, we recommend to buy on dips near 44,300.
Even silver micro futures with a lot size of 1 kg on the MCX, is quoting at a premium, indicating that market doesn't have enough floating stock of the white metal
In the international market, both the metals were trading with hefty gains, with gold quoting higher at $1,514 per ounce and silver at $12.96 per ounce.
The gold to silver price ratio was trading above 121, a lifetime high, indicating extreme weakness in silver
Base and precious metals fell on Multi Commodity Exchange (MCX) futures. The fall in metals was a little sharper on the London Metal Exchange (LME)
The dollar rose over 1% against rivals, making gold more expensive for holders of other currencies.
The price of silver, too, jumped to ~46,165 a kg on Monday
The precious metal had closed at Rs 43,435 per 10 gram in the previous trading session
On Tuesday, the precious metal had closed at Rs 43,228 per 10 gram. Silver prices also jumped Rs 1,198 to Rs 47,729 per kg from Rs 46,531 per kg in the previous trade.
But the market is subdued with consumers making ony need-based purchases, such as for marriages
The metal has gained as much as 5.5% so far this week as worries over the coronavirus sent investors scurrying for safe-havens
Gold extended its downturn in the physical markets in Mumbai on Saturday
Investors book profits amid fears that a large sell-off in equities will have a spillover effect on a safe-haven asset like bullion
"Spot gold of 24 karat in Delhi was trading up by Rs 75 with rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Adjusting for a large institutional order in the year-ago quarter, retail growth has been much higher than expectations at 15%