On Friday, weakening in the futures price of gold is seen in the international market. This is why it has become cheaper by Rs 9,000 from the August high. Gold is seeing weakness in the US equity market due to profit-booking and the rise in bitcoin prices.
New Delhi. In the international market, on February 12, the price of gold appears to be flat. The April futures of gold on the Multi-Commodity Exchange fell by 0.07 per cent to Rs 47,475 per 10 grams. Whereas, the March futures price of silver is trading at Rs 68,600 per kg with a gain of 0.16 per cent. Experts say that after the profit-booking in the US equity market and the rise in bitcoin prices, gold and silver are seeing weakness. He says that for some time the yellow metal can be seen trading around 47,200. In its first session, gold fell by 1 per cent and silver by 0.33 per cent. In this way, gold has become cheaper by around Rs 9,000, the highest level of Rs 56,200 in August 2020.
Even before this, after the weak employment data in the US, gold and silver prices showed weakness. Gold futures for April stood at $ 1,826.80 per ounce. Whereas, silver futures for the month of March was $ 27.04 an oz. The domestic market is also seeing weakness in both the metals.
How much gold price can remain?
“There was weakness in gold and silver due to profit-booking in the US equity market and the rise in bitcoin,” said a person. However, weakness in the dollar index, US stimulus package, and signs of prolonged liberal monetary policy by the US Federal Reserve Chairman have supported the price of precious metals. He said that it is estimated that the price of gold in the international market can be around $ 1,800 per oz. Gold price on MCX will be around 47,200-47,055. During this time the residency level will be around 47,800-48,100. Silver will be priced around 68,100-67,400, while its resistance level will be around 69,100-69,800.
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Due to these reasons, gold can be
supported, however, experts say that in the hope of Lunar New Year in China, the price of gold can see a boom. . However, after the import duty by the Government of India, the increase in demand can support the price of gold. The trend of investors in Gold ETFs has also decreased.
