Akshaya Tritiya 2021: 24 carat or fantastic gold was priced at Rs 47,760 per 10 grams.
Prices of valuable metals (gold and silver) declined marginally on Multi Commodity Exchange on Akshaya Tritiya day, the day thought-about by many as an auspicious to make purchases of valuable metals like gold and silver believing that it’s going to deliver good luck. Price of gold futures for supply in June on the Multi Commodity Exchange declined as a lot as 0.2 per cent to Rs 47,343 per 10 grams. In the spot market, 24 carat or fantastic gold was priced at Rs 47,760 per 10 grams, 22 carat gold was offered at Rs 46,140, 18 carat gold was priced at Rs 38,210 and 14 carat gold was offered at Rs 31,760, in line with India Bullion and Jewellers Association (IBJA).
“COMEX gold trades little changed near $1820/oz after a 0.1 per cent gain yesterday. Gold stabilized as US bond yields eased back after testing the highest level in more than a month. Also supporting price is increased tensions between Israel and Gaza. However, weighing on price is ETF outflows, concerns about consumer demand in India and increasing debate that inflation pressure may cause monetary tightening. Gold may remain choppy reflecting volatility in the US dollar however we expect buying interest to emerge at lower levels as Fed is likely to maintain a dovish stance,” mentioned Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.
In worldwide markets, gold was Gold costs fell on Friday and had been on monitor for a weekly loss, as firmer greenback and rising U.S. Treasury yields dampened the steel’s safe-haven enchantment.
Spot gold was down 0.3 per cent at $1,821.89 per ounce by 0401 GMT. For the week, bullion has misplaced almost 0.5 per cent.
U.S. gold futures eased 0.1 per cent at $1,822.10.
Benchmark U.S. 10-year Treasury yields had been buying and selling above the important thing 1.6 per cent degree and had been on monitor for a robust weekly rise. Higher bond yields elevate the chance value of holding non-interest bearing gold.
Back residence, silver costs had been additionally buying and selling marginally decrease on Akshaya Tritiya day. Silver futures for supply in July declined as a lot as 0.19 per cent to hit an intraday low of Rs 70,337. In spot market silver was priced at Rs 70,948 per kilogram.
