Gold Prices Today: Gold rates surged today in Indian markets, tracking a global rally in the precious metal as concerns over a new Covid variant spreading in South Africa boosted the metal’s safe-haven appeal.
In the previous trade the MCX Gold had settled at 47,585.
On MCX, December gold futures were up 1.4% to ₹48,073 per 10 gram while silver futures jumped 0.4% to ₹63420 per kg. Despite today’s surge gold is down about ₹1,200 per 10 gram from this month’s high as fears of earlier-than-expected tightening of US monetary policy weighed on the precious metal.
Currently, gold attracts 12.5% import duty. The government announced cut in customs duty on gold and silver to 7.5% from 12.5%
The gold rates in Delhi are dependent on various factors such as inflation, demand and supply of gold, international relations or rupee-dollar equation. The gold price in Delhi today is ₹ 47,100 for 22-carat gold, whereas for 24-carat gold it is ₹ 51,380.
On global markets, spot gold jumped 1% to $1,805.56 per ounce. Further aiding gold’s climb, the dollar index eased 0.2% from a 16-month peak scaled earlier this week, while US benchmark 10-year Treasury yields also weakened. A weaker dollar reduces gold’s cost to buyers holding other currencies.
Precious Metals Rates For Today
Among other precious metals spot silver was steady at $23.57 per ounce while platinum fell 1.2% to $983.22.
A turnaround is possible as long as gold holds the support of $1780 but a unexpected drop below the same would negate the trend and liquidate further.
On silver, “expect a choppy trade inside $25.50-23 levels initially. Breaking any of the sides would suggest fresh short term direction,” it added.
The spread of the new variant in South Africa and some other countries has prompted Britain and a growing number of other countries to hurriedly introduce travel restrictions on the African nation.
The World Health Organization and scientists in South Africa are studying the recently identified variant, which has been described as very different to previous versions and of serious concern.
Equities sold off today as the detection of the strain comes on top of concerns in markets about high inflation and the prospect of quicker exit from ultra-loose monetary settings.
The World Health Organization is convening an experts’ meeting later today to evaluate whether the new variant is a “variant of concern.”
Oil prices slid, with US crude futures down 5.7% to $73.96 a barrel and Brent crude down 4.66% to $78.38 amid fresh demand fears.
Covid concerns pushed investors towards the safe-haven assets as the yen jumped more than 1% to around 113 per dollar, having languished earlier this week at five-year low. (With Agency Inputs)