Srinagar,
Gold prices edged lower today amid profit-taking at higher levels and a pullback by the rupee against the US dollar. On MCX, April gold futures declined 0.15% to Rs.43,676 per 10 gram. But silver futures edged higher, rising 0.16% to ?46,198. In the previous session, gold prices had corrected sharply by Rs.550 per 10 gram. The rupee today rose to 73.80 per US dollar against previous close of 74.08. In India, gold prices include 12.5% import duty and 3% GST.
In global markets, gold prices today rose after a seeing a steep fall in the previous session. Spot gold rates was up 0.4% at $1,656.37 per ounce after falling nearly 2% in the previous session. Among other precious metals, silver rose 1.3% to $17.08 per ounce while platinum was up 0.8% to $875.37.
Gold can move towards Rs.44,000 while taking support near Rs.43,500 while silver can rise towards Rs.46,800 while taking support near Rs.46,200, SMC Global said in a note. US equity futures today retreated as investors awaited details on stimulus measures to counter the coronavirus impact.
Gold prices have rallied this year in India, hitting a new high of about ?45,000 per 10 gram earlier this month. The price rally has however hit physical demand of the metal in domestic markets. But investment demand has surged with gold ETFs in India seeing a net inflow of about ?1,500 crore in February, taking the total asset base to Rs.7,926 crore.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 962.03 tonnes on Tuesday.
