NEW DELHI: Gold prices slipped on Thursday as the risk appetite of the investors improved. They looked to bet on riskier assets after a sharp fall earlier this week. However, the fall in precious metals was capped on .
The dollar remained stronger and investors looked past economic threats from rising cases of the Delta coronavirus variant and opted for riskier bets.
Gold futures on MCX were down 0.23 per cent or Rs 109 at Rs 47,464 per 10 grams. Silver futures were marginally lower 0.05 per cent or Rs 36 to Rs 67101 per kg.
Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities said that gold is pressurized by improved risk sentiment and rise in bond yields from recent lows.
“However, supporting price is persisting virus risks and inflation concerns and expectations that ECB may maintain a dovish stance,” he added
The dollar index held steady, hovering below a 3-1/2-month peak. Benchmark U.S. Treasury yields continued their bounce from five-month lows
In the spot market, highest purity gold was sold at Rs 48,222 while silver was priced at Rs 66,980 on Tuesday, according to the Indian Bullion and Jewellers Association. The precious market remained shut on Wednesday.
The physical gold has gained as much as Rs 1,500 since the beginning of this month. However, Silver has shed more than Rs 2,100 during the period.
ETF investors remain on the sidelines awaiting fresh triggers. Buying interest may emerge at lower levels amid persisting challenges to the global economy.
“We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1790 and resistance at $1820 per ounce. MCX Gold August support lies at Rs. 47200 and resistance at Rs. 47800 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold was down 0.3% at $1,798.27 per ounce, as of 0313 GMT, after hitting its lowest since July 12 at $1,793.59 in the previous session. U.S. gold futures eased 0.3% to $1,798.70 per ounce.
Among other precious metals, silver edged 0.1% lower to $25.21 per ounce, palladium rose 0.4% to $2,665.21, and platinum was steady at $1,080.39.