India spends record $55.7 billion on gold imports in 2021: Report

By Administrator_ India

Capital Sands

Gold was flat in the Indian market on May 27 following a muted trend in international spot prices, which were below their four-and-a-half-month high hurt by an uptick in the US dollar and bond yields.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading higher by 0.02 percent at Rs 48,795 for 10 grams at 0930 hours. July silver futures were trading 0.02 percent lower at Rs 71,396 a kilogram.

Spot gold was down 0.1 percent at $1,894.88 an ounce after hitting its highest since January 8 at $1,912.50 on May 26, a Reuters report said. The dollar index rose to a one-week high against rivals, making gold more expensive for other currency holders.

Gold and silver had a roller coaster ride on May 26, as both precious metals gained in the early session but a rebound in the dollar index erased the gains late evening.

Both settled on a mixed note in international markets. June gold futures contract settled at $1,901.20 per and July silver at $27.88 a troy ounce.

Due to the strength in the rupee, both metals settled on a weaker note in the domestic markets. The dollar index rallied for the first time this week as the US Federal Reserve officials continued to downplay the prospects of rising inflation, experts said.

Jain suggests buying in gold on dips at around Rs 48,500 with a stop loss of Rs 48,250 for the target of 49,050 and in silver around Rs 70,800 with a stop loss of Rs 70,100 for the target of Rs 72,200.

Leave a Reply

Your email address will not be published. Required fields are marked *