/Gold price today rise close to Rs 47,400; silver inches towards Rs 70,000

Gold price today rise close to Rs 47,400; silver inches towards Rs 70,000

NEW DELHI: Gold and silver futures prices traded with gains on Monday bucking the international trend, however rise in the yellow metal was limited.

Benchmark US Treasury yields rose to their highest levels since March on Friday, while inflation expectations edged up to a six-year high. Higher inflation boosts gold but also lifts Treasury yields, which in turn increases the opportunity cost of holding bullion.

Gold futures on MCX were up 0.15 per cent or Rs 69 at Rs 47,387 per 10 grams. Silver futures added 1.14 per cent or Rs 791 to Rs 69,908 per kg.

“Gold trades in a range as support from US stimulus expectations, recent weakness in US dollar and mixed economic data from major economies is countered by continuing ETF outflows and improvement in virus situation and progress on the vaccine front. Gold may continue to witness mixed trade unless there are fresh triggers however general bias may be on the upside owing to US stimulus expectations,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

In the spot market, gold price plunged by Rs 661 to Rs 46,847 per 10 grams in the national capital on Friday reflecting a fall in global precious metal prices and rupee appreciation. Silver price also declined Rs 347 to Rs 67,894 per kilogram.

Global markets
Gold eased on Monday. Spot gold fell 0.1 per cent to $ 1,821.84 per ounce by 0041 GMT. US gold futures slipped 0.1 per cent to $ 1,822.30.

Platinum rose 1.1 per cent to $ 1,265.89, after hitting its highest since January 2015 at $ 1,269.30. The metal is rising on expectations of a supply shortfall.

Silver gained 0.4 per cent to $ 27.46 an ounce and palladium climbed 0.1 per cent to $ 2,389.67.

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