Indian authorities have alerted all states to the new variant and asked them to screen and rigorously test travelers to or in transit through three countries in which the variant has been confirmed – South Africa, Botswana and Hong Kong.
MCX gold futures rose 0.44% or Rs 209 to Rs 47,630 per 10 grams. Silver futures rose 0.12% or Rs 76 to Rs 63,868 per kg.
“The support prices are the fall in US bond yields and the break in the US dollar index. Rising Chinese gold imports also show robust demand. However, lack of investor interest and heightened expectations of the Fed’s monetary tightening are weighing on prices. Gold could trade higher as the market reacts to new virus-related developments, however, a large increase is unlikely with the focus still on the Fed, ”said Ravindra Rao, vice president of the commodity research at Kotak Securities.
On the spot market, the highest purity gold was sold at Rs 47,687 while silver was priced at Rs 63,308 on Thursday, according to the Indian Bullion and Jewelers Association.
“Gold in MCX has entered the consolidation zone and remains until the levels of Rs 47,700 or Rs 47,300 are broken. The buy zone is above Rs 47,700 for the Rs target 48,000. The sales area is less than Rs 47,300 for the target of Rs 47,000, ”said Ravi Singh, vice president and head of research, ShareIndia.
Spot gold rose 0.2% to $ 1,792.62 an ounce at 12.51am GMT. US gold futures rose 0.5% to $ 1,793.90. Spot silver fell 0.1% to $ 23.55 an ounce. Platinum fell 0.6% to $ 989.77, while palladium rose 0.4% to $ 1,866.34.
China’s net gold imports via Hong Kong hit their highest level since June 2018 in October, as buyers of major consumers sourced the metal as a cushion against rising inflation. Read more