Gold price in India dipped on Tuesday after touching the highest in more than a month during the previous session. On the Multi-Commodity Exchange, gold future tumbled 0.21 per cent to Rs 53,160 for 10 grams at 1100 hours on April 19. Silver price also dropped on Tuesday. The precious metal slumped 0.22 per cent to Rs 69,825 for a kilogram on Tuesday.
In the global market, the price of yellow metal steadied on April 19, all thanks to lower US Treasury yields. Spot gold was trading at $1,977.61 per ounce, as of 0013 GMT. US gold futures eased 0.4 per cent to $1,979.30. The Russia-Ukraine crisis and rising inflationary pressures increased safe-haven bids for the precious metals. The bullion rose to nearly key $2,000 per ounce level during the last session. However, prices came off highs after a jump in benchmark 10-year US Treasury yields and further gains in the dollar. Moreover, interest rate hikes to cool higher prices also hurt demand for the metals and capped upside.
Gold Price Future Outlook
Commenting on the gold price outlook, Sriram Iyer, senior research analyst at Reliance Securities said, “International gold spot and COMEX futures have started flat this Tuesday morning in Asian trade. Rising dollar and strengthening bond yields will continue to keep upside capped. On the other hand, higher inflation and safe haven trade could cap downside. Today’s range of Spot LBMA gold is $1966.49-$1994.30.”
“Domestic gold futures prices could start flat this Tuesday morning, tracking a subdued start in the overseas markets. Today’s range of MCX June gold is Rs 53,105-53,550,” he added.
