Domestic spot gold with 24-carat purity opened at Rs 49,968/10 grams.
Gold price in India: Gold and silver futures trade higher on Thursday, February 17, taking cues from international spot rates as the Russia-Ukraine conflict spurs demand. On the Multi Commodity Exchange (MCX), gold futures for February 4 futures are 0.39% higher at Rs 49,813, compared with the previous close of Rs 49,618. Silver for March 4 futures futures was up 0.10% at Rs 63,364 from the previous close of Rs 63,299.
24-carat domestic spot gold opened at Rs 49,968 / 10 grams on Thursday and silver at Rs 63,400 / kg – both with prices excluding GST (goods and services tax) , according to the Mumbai-based Indian Gold and Jewelers Association (IBJA).
Exchange rate:
Globally, gold steadied near an 8-month high touched earlier this week, as the US dollar and Treasury yields fell in minutes the Federal Reserve was less hawkish than fearful, and as the Ukraine crisis boosted demand for the safe-haven metal. Spot gold held steady at $1,868.36 an ounce. US gold futures were stable at $1,871.40.
US Fed officials last month agreed that with tightening inflation gripping the economy and robust employment, it was time to raise interest rates, but any decision would depend on individual analysis. meeting on inflation and other data, minutes of the central bank’s January 25-26 policy meeting showed.
The dollar fell after minutes suggested policymakers did not set a specific pace for rate hikes, making gold more attractive to overseas buyers.
