National News
Gold imports up 40.79 pc to USD 2.68 bn in Jan
The country’s gold imports in January rose by 40.79 per cent to USD 2.68 billion on account of increasing domestic demands, according to commerce ministry data.Gold imports stood at USD 1.9 billion in January 2024.Cumulatively, imports during April-January this fiscal year rose 32 per cent to USD 50 billion against USD 37.85 billion in the same period last fiscal year.
The increase in imports also indicates strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and cut in customs duties.Prices of the yellow metal have increased 11 per cent so far this year to ₹88,200 per 10 gram in the national capital.
National News
Gold and Silver Prices Display Mixed Trend In Domestic and Global Markets
Market Analysts Attribute The Softening In Domestic Gold Prices To Fresh Selling Pressure Driven By Expectations Of Tighter Monetary Policy.
Gold and silver bullion markets experienced mixed trading patterns today. Domestic futures on the Multi Commodity Exchange (MCX) slid lower across both metals, while international markets on Comex saw gold post modest gains against a dip in silver prices.
Domestic Market Overview (MCX)
- Gold Futures (December Contract): Opened lower at Rs 1,39,408 per 10 grams (down from a previous close of Rs 1,39,452) and further slipped to Rs 1,39,312 per 10 grams during active trading. This remains below the 52-week peak of Rs 1,80,779 per 10 grams reached earlier this year.
- Silver Futures (December Contract): Initially opened higher at Rs 1,79,888 per kg (up from a previous close of Rs 1,79,698), but reversed gains to trade down Rs 1,816 at Rs 1,77,882 per kg. The metal is well off its earlier high of Rs 4,20,048 per kg.
International Market Overview (Comex)
- Comex Gold: Rose to $3,948.60 per ounce (up $8.20 from the previous close of $3,940.40 per ounce), having opened at $3,940.80 per ounce.
- Comex Silver: Softened to $49.29 per ounce (down $0.46 from the previous close of $49.75 per ounce), after opening at $49.82 per ounce.
Technical Analysis & Key Levels
Market analysts attribute the softening in domestic gold prices to fresh selling pressure driven by expectations of tighter monetary policy.
MCX gold saw open interest rise by 0.87% to 16,282 contracts alongside declining prices, signalling the creation of fresh short positions. Key technical support for MCX gold is placed at Rs 1,38,070; a breach below this mark could test secondary support near Rs 1,36,690
Gold and Silver Prices Display Mixed Trend In Domestic and Global Markets
Democrats Win In Midterm Polls Could Significantly Lift Industrial Demand For Silver
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