Gold Price In India: Gold futures rose on Monday, December 6, while silver futures dropped. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.17 per cent up at Rs 47,985, compared to the previous close of Rs 47,903. Silver futures due for a March 4 delivery were last seen 0.20 per cent lower at Rs 61,392 against the previous close of Rs 61,516.
Domestic spot gold with a purity of 24 carats opened at Rs 47,877 per 10 grams on Monday, and silver at Rs 61,233 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
— IBJA (@IBJA1919) December 6, 2021
Foreign Exchange Rates:
Gold prices were flat, as the metal was caught between subdued U.S. bond yields and the prospect of the Federal Reserve tightening policy at a faster pace which dimmed its appeal. Spot gold was little changed at $1,782.95 per ounce. U.S. gold futures were flat at $1,783.60.
Ravindra Rao, CMT, EPAT, VP – Head Commodity Research at Kotak Securities: “COMEX gold trades marginally higher near $1787/oz after a 1.2 per cent gain in the previous session. Gold has recovered from a 1-month low as the mixed US jobs report has given a new turn to the ongoing debate about Fed’s monetary tightening. Increasing virus concerns has also increased gold’s safe-haven appeal. However, weighing on price is weaker investor interest and gains in the US dollar and recovery in bond yields. Gold has recovered from lows but may struggle to break past $1800/oz as Fed’s tightening expectations may continue to weigh.”