Gold Price Today: Buy on Dips For Target 48710

Gold Price Today: India MCX Gold August Futures trade flat with a negative bias on Friday tracking muted trend in the international spot prices but are headed for the fourth straight weekly gains.

Spot gold was flat at $1,829.14 per ounce, but gained 1.2% so far this week. Investors took comfort from Federal Reserve Chair Jerome Powell’s stance that the U.S. central bank would continue to support the economy and inflation will be transitory, said a Reuters report.

On the Multi-Commodity Exchange (MCX), August gold contracts were trading 0.06 percent lower at Rs 48,369 for 10 grams at 0930 hours. September silver futures were trading 0.21 percent higher at Rs 69,830 a kilogram.

Gold and silver gained on Thursday amid fall in the U.S. bond yields and a third wave of coronavirus in many countries. Both precious metals settled on a positive note in the international markets on Thursday.

The spot gold price today( ₹ 48490) is higher than this week’s average of ₹48038.6 by 0.94%. The price was higher than yesterday’s value of ₹48480.

The spot gold prices in India( ₹48490) witnessed a growth of 0.02%, despite global gold prices($1826.9) saw a drop of 0.14%.

Gold and other precious metals on Friday, Jul 16, 2021

Global spot prices dropped as per the current close with a value of $1826.9 per Troy ounce. The total downturn being of -0.14%. This price level is 4.77% higher than average gold price observed in the past 30 days ($1739.7). Among other precious metals, silver prices saw a fall today. Silver plunged 1.63% to $26.4 per Troy ounce.

Further, platinum price has suffered. The precious metal platinum fell 0.26% to $1139.0 per Troy ounce. Meanwhile in India, gold was priced at ₹48315 per 10 gram on MCX, with a change of ₹43.5. Also, the price of 24k gold in the Indian spot market was quoted at ₹48490 . 

MCX Gold on Friday, Jul 16, 2021

Gold prices in India plunged today with futures on MCX by 0.09% to ₹48315 per 10 gram. In the previous session, gold was up 0.19% or about ₹43.5 per 10 gram.

On MCX, silver futures grew nearly 0.19% or ₹132.8 per kg to the price level of ₹69915 per kg.

The gold spot price today ( ₹48490) increased by ₹43.5 from yesterday ( ₹48480), whereas global spot prices saw a downturn of $2.55 to $1826.9 value today. However, the trend observed in MCX future price had a decrease of ₹43.5 and value of ₹48315 as of today.

Currency Exchange Rate on Friday, Jul 16, 2021

The dollar to rupee conversion has been constant since yesterday and any fluctuation today in the gold price would suggest no relation with the dollar value.

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Gold Price Today: Buy on Dips For Target 48710 via @goldsilverrepor
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