Gold prices fall today as rupee rises against US dollar, sliver rates trade higher; check intraday level

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Published: February 14, 2020 11:33:12 AM

Gold April futures were trading flat at Rs 40,650 per 10 grams, while silver March futures were ruling at Rs 45,884 per kg, up Rs 85 on MCX

goldSpot gold was down 0.1 per cent at $1,574.69 per ounce, having touched its highest since February 4 at $1,577.89 earlier in the session

Gold trades marginally lower on Friday as Indian rupee appreciated against the US dollar. “MCX gold on Friday morning has opened with a small loss since rupee has appreciated. More importantly, the dollar index reached a four-month high-level yesterday after the US reported strong CPI data for January. Meanwhile, weekly initial jobless claims too fell sharply to 205,000 from 210,000 forecast,”Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said. Gold April futures were trading flat at Rs 40,650 per 10 grams, while silver March futures were ruling at Rs 45,884 per kg, up Rs 85 on MCX.

“Even after a sharp rise in the dollar, the downside in the yellow metal is limited since not only SPDR Gold ETF, the total gold-backed ETFs have witnessed a record inflow due to fears of slowing global economy and investors are also anticipating stimulus from Jerome Powel and Christine Lagarde. For intraday MCX gold April contract to stay in a tight range from Rs. 40,500-40,700,” Jigar Trivedi said. Spot gold was down 0.1 per cent at $1,574.69 per ounce, having touched its highest since February 4 at $1,577.89 earlier in the session. US gold futures also slipped 0.1 per cent to $1,577.80, as per the Reuters news report.

On the domestic equity front, Sensex slipped over 500 points from day’s high weighed by RIL, HDFC Bank, Axis Bank and Kotak Mahindra Bank. The S&P BSE Sensex was trading 200 points or 0.48 per cent lower at 41,259 points, while the broader Nifty50 index was ruling at 12,124, down 50 points or 0.42 per cent. 

In commodities, Brent crude futures were 1 cent higher at $56.35 a barrel. US West Texas Intermediate (WTI) futures were 4 cents higher at $51.46 a barrel, as per Reuters news.

 

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