Gold fell on Friday as optimism around a rebound in the US economy lifted appeal for riskier assets.Gold, Silver Price Today: Gold futures for delivery in June declined as much as 0.43 per cent to hit an intraday low of Rs 48,336 per 10 grams on the Multi Commodity Exchange (MCX) as prices of yellow metal slipped in international markets. In spot market, fine gold or 24 carat gold was priced at Rs 48,530 per 10 grams, according to India Bullion and Jewellers Association (IBJA). Gold with purity of 22 carat was sold at Rs 46,880, 18 carat gold was retailed at Rs 38,830 and 14 carat gold was priced at Rs 32,280 per 10 grams, IBJA data showed.”Weighing on gold price is stability in the equity market, easing Israel-Palestine tensions, prospect of monetary tightening discussion by Fed and concerns about Indian consumer demand. However, supporting price is ETF inflows, rising virus cases in Asia and mixed economic data from major economies and dovish comments from central bank officials. Gold may remain choppy with US dollar and equities as market players assess Fed’s monetary policy stance however failure to break past the $1900/oz level and prospect of tapering of bond purchases by Fed may make it vulnerable to profit taking,” Ravindra Rao, CMT, Head Commodity Research at Kotak Securities told NDTV.In international markets, gold fell on Friday, as optimism around a rebound in the US economy lifted appeal for riskier assets, but a weaker dollar and growing inflationary pressure limited losses and kept bullion on track for a third straight weekly gain.Spot gold was down 0.3 per cent at $1,871.50 per ounce by 8:23 am, but it has risen 1.6 per cent this week. US gold futures fell 0.6 per cent to $1,871.Indicative of sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.6 per cent to 1,037.09 tonnes on Thursday.Back home, silver was also trading with a negative bias as silver futures for delivery in July dropped nearly 1 per cent or 641 points to hit an intraday low of Rs 71,663 on MCX. In spot market silver was retailed at Rs 72,300 per kilogram.
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