On the Multi-Commodity Exchange (MCX), India Gold Futures for the month of April are trading on a flat note in today’s session. The MCX April Futures are trading with an optimistic bias chasing positive trend witnessed in the global spot prices.
On the Multi-Commodity Exchange (MCX), April gold agreements were trading on a positive note. They remained up by 0.2% at Rs 48,050 for 10 grams at 0920 hours. The silver futures for the coming month remained 0.20% up to trade at Rs 69,850 per kilogram.
The professionals are of the opinion that costly metals could remain unstable but should be capable of finding back up at lower levels. Gold got backing by augmented prospects of US stimulus, mixed financial facts from major economic systems, and expectations of higher demand from China during Lunar New Year.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities stated, “COMEX gold trades marginally higher near $1841/oz after a 0.2% gain yesterday. Gold remains supported by increased expectations of US stimulus, mixed economic data from major economies, and hopes of higher demand from China during Lunar New Year.”
“However, weighing on price is higher bond yields, ETF outflows and improvement in virus situation. The trend in the US dollar continues to be a key price-determining factor so any recovery in US dollar may bring a halt to gold's rise as well,” he said.
Gold and silver showcased mixed trends prior to the US Federal Reserve Jerome Powell speech on the labor markets. Both the costly metals closed their accounts on a mixed note in the global markets on Tuesday.
Gold April futures pact remained positive at $1837.50 per troy ounce and the silver March futures contract settled on a weaker note at $27.40 per troy ounce.