Tracking weakness from its offshore peers, gold prices traded in the red in the opening trade on Tuesday. The street remains cautious ahead of the inflation data due for a release in the US later this week. Softness in the yellow metal over the last few sessions has been on account of dollar uptick
The MCX April gold futures were trading at Rs 65,900 per 10 grams, down by Rs 121 or 0.18% while May silver futures were trading at Rs 74,780 per kg, lower by Rs 143 or 0.19%.
Gold has corrected by Rs 1,043 from its lifetime high of Rs 66,943 which it hit on Thursday. In the international markets, the prices had shot up above the $2,220 per troy ounce mark.
The Dollar Index (DXY) is hovering above the 104 mark against a basket of six top currencies at 104.17, down by 0.06 points or 0.06%. It has gained 0.34% over the past five trading sessions.
MCX Gold and Silver ended with minor declines on Monday with the former settling with a downtick of Rs 12 per 10 gram or 0.02% at Rs 66,010 while the latter ending down by Rs 25 or 0.03% at Rs 74,898 per kg.The prices have risen by 5.34% or Rs 3,344 on MCX on a month-to-date basis, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On the year-to-date basis, the uptick is Rs 2702 or 4.28%. As for the Silver contract, the MTD gains stand at 4.80% or Rs 3,421 while the YTD gains at 0.38% or Rs 269, Gupta added. Gupta sees MCX gold trading at Rs 65,500- Rs 66500 levels while silver at Rs 74,500-Rs 77000.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 66,000 per 10 grams while that of 1 kg of Silver is Rs 76,000, Gupta said.
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