Tuesday, March 21, 2023
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Gold futures rise on global cues, rising concerns of Covid-19 ‘Delta’ variant

Gold futures on the Multi Commodity Exchange (MCX) rose on Tuesday taking cues from international markets and rising concerns over Delta variant of Covid-19.

The August contact of gold on the MCX is currently trading around Rs 48,185 per 10 gram, higher by Rs 91 from its previous close.

Kshitij Purohit of CapitalVia Investment Adviser said: “LBMA Gold spot has resumed slightly gapped higher at $1,817.50, trading with positive momentum after sustaining above the support low of $1,795 in previous session. However, lower US Treasury yields in addition to concerns over the rising number of COVID-19 cases globally and its impact on the global economic recovery capped losses for the yellow metal.”

On the domestic futures, he said that the overall trend will be sideways to marginally bullish in today’s session.

Silver futures traded on a subdued note on Tuesday after opening higher.

The September contract of silver on the MCX was trading at Rs 67,228 per kg, lower by Rs 18 from its previous close.

Silver future opened on a positive note at Rs 67,409, slightly gapped higher from previous closing, trading with sideways to moderately positive trend in Tuesday morning.

“The price dropped in previous session as dollar edged higher, weighing on silver and generating headwinds for the entire precious metals complex. US Yields moved lower as investors moved into safe-haven assets. The Home Builders index edged slightly lower, which paved the way for lower yields,” Purohit said.

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