Domestic spot gold with 24-carat purity opened at Rs 48,196 / 10 grams.
Gold price in India: Gold futures trade slightly higher on Thursday, February 3, amid a slight downward trend in international spot rates. On the Multi-Commodity Exchange (MCX), gold futures for February 4 futures were up 0.08% at Rs 47,961 from the previous close of Rs 47,922.
Silver futures, on the other hand, eased as participants reduced their bets when demand was low. Silver for March 4 delivery was 0.46% lower at Rs 61,220 from the previous close of Rs 61,503.
24-carat domestic spot gold opened at Rs 48,196 / 10 grams on Thursday and silver at Rs 60,923 / kg – both with prices excluding GST (goods and services tax) , according to the Mumbai-based Jewelery and Gold Association. (IBJA).
#Yellow and #Silver Opening #Price for 02/03/2022#IBJApic.twitter.com/1i962sifco
– IBJA (@ IBJA1919) February 3, 2022
Globally, gold prices steadied as concerns about a faster pace of policy tightening by the US central bank countered safe-haven demand fueled by escalating tensions in Ukraine. Spot gold was little changed at $1,841.44 an ounce. US gold futures were also stable at $1,842.10.
Gold is seen as a hedge against inflation, but it can expose demand to higher rates as a non-yielding asset.
While the US Federal Reserve could raise interest rates in March, policymakers spoke cautiously this week about what could happen after that, given the uncertain inflation outlook. Certainly, when the Covid-19 pandemic affects business operations.
The US dollar index was steady, limiting demand for greenback-denominated bullion by buyers holding other currencies.
Michael Langford, director of consulting firm AirGuide, told Reuters news agency: “There is currently a very high correlation between the movement of the US dollar and the direction of gold prices, with very little other impact on prices in the short term. the last few trading sessions”.
