As the US dollar firmed and economic conditions showed an improvement, the gold and silver prices in the domestic market dipped further on Monday. The economic indicators are showing a swift recovery in the economy. Moreover, government finances are also strengthening, leading to funding flows away from gold. Also Read - Gold Price Today, January 22: Yellow Metal Slips Below 49,400 | Check Rates in Your City
Gold prices continued their downtrend for the fourth straight day. On the Multi Commodity Exchange (MCX), February gold futures were down 0.42% to Rs 48,760 per 10 gram, extending losses to Rs 2,350 in just two days. Silver futures, on the other hand, fell 0.5% to Rs 63,914 per kg. Meanwhile, Sovereign Gold Bond Scheme 2020-21 – Series X also opened for subscription for the period January 11-15, 2021. The issue price of the gold bond during the subscription period will be Rs 5,104 per gram, RBI said in a press release dated January 08, 2021. Rs 50 per gram discount will also be offered to the investors. Also Read - Gold Price Today: Yellow Metal Crosses Rs 50,000-mark Yet Again | Check Price in Your City
“COMEX gold has seen a volatile start to the week and has moved in a wide range of $1,856-$1,817.1/oz and is currently trading 0.4 per cent lower near $1,829/oz. Gold trades mixed as support from disappointing US jobs report, hopes of higher US stimulus, rising virus cases are countered by sharp rebound in US dollar index on back of rise in US bond yield to March 2020 highs,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities to Economic times. Also Read - Gold Price Today: Ahead of Biden Inauguration, Yellow Metal Rates Surge to Rs 49,010 Per 10 gm
Gold futures on MCX were down 0.39 per cent or Rs 193 at Rs 48,774 per 10 grams. Silver futures slipped 0.37 per cent or Rs 237 to Rs 63,994 per kg.
Meanwhile, in the national capital, gold prices rose Rs 389 to Rs 48,866 per 10 gram on Monday, in line with the rise in global price of the precious metal and rupee depreciation, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 48,477 per 10 gram.
Silver prices also jumped Rs 1,137 to Rs 64,726 per kilogram from Rs 63,589 per kilogram in the previous trade.
The rupee depreciated 24 paise to 73.48 against the US dollar in the opening trade on Monday. In the international market, gold was trading in the green at USD 1,853 per ounce, while silver was quoting flat at USD 25.14 per ounce.
“Gold prices rebounded from the lows made on Friday despite of stronger dollar as worries over rising coronavirus cases boosted buying in yellow metal,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.