The price of gold continued for the second consecutive day on Tuesday. Gold prices rose by Rs 250 to Rs 89,350 per 10 grams. According to the All India Bullion Association, gold with 99.5 percent purity rose by Rs 250 to Rs 88,950 per 10 grams, while the previous day it closed at Rs 88,700 per 10 grams. On February 20, gold with 99.9 percent and 99.5 percent purity reached an all -time high of Rs 89,450 and Rs 89,050 per 10 grams respectively. According to PTI news, however, silver fell by Rs 500 to Rs 99,500 per kg below Rs 1 lakh level.
Today’s trend in futures trading
According to the news, the April delivery gold contract in futures trading on the Multi Commodity Exchange (MCX) increased by Rs 275 to Rs 86,459 per 10 grams. Vice President Research Analyst of LKP Securities – Commodity and Currency, Jatin Trivedi said that the gold business in MCX was positive due to the rupee being weak below 87.10. Meanwhile, comex gold remained limited between 2,930 and $ 2,955. On the other hand, silver futures for March delivery on the commodity exchange increased by Rs 241 to Rs 95,330 per kg.
What do experts say
Vice President of Mehta Equities Limited, Vice President Commodities Rahul Caller said that silver prices declined due to weakness in industrial metals and rise in dollar index. The global equity markets are also struggling due to fear of Trump’s tariff and pressure on industrial metals. However, silver prices at lower levels can be supported from the inverter in the US Treasury Yield. On Tuesday, the rupee closed at 87.23 (provisional) against the US dollar due to the demand for dollars at the end of the month amid uncertainty on US trade charges on Tuesday.
According to Soumil Gandhi, senior analyst at Commodities of HDFC Securities, traders will wait for macro data including CB Consumer Confidence Index and Richmond Manufacturing Index to be released on Tuesday, as well as speeches of some members of the US Federal Reserve which will be bull’s prices Will provide direction for.
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