Gold prices decline to 47,571 per 10 gram on weak global trend, firm US dollar

Gold prices decline to 47,571 per 10 gram on weak global trend, firm US dollar
July 22
06:56 2021

Gold prices edged lower on July 21 on weak global cues and the firm dollar and US Treasury. However, the yellow metal downside was capped on safe-haven appeal as surging coronavirus cases of Delta variant threaten to stall the global economic recovery.

The commodity market was shut in the first half of the session on account of the Bakri Id holiday.

The retail gold price settled at Rs 48,222 per 10 gram in the Mumbai retail market yesterday and it is closed for trading today. The rate for 18, 22 and 24 carat gold were as Rs 36,167, Rs 44,171 and Rs 48,222 plus 3 percent GST.

The bullion metal traded in the red after a gap-down start in the evening session.

The precious metal has been trading lower than 5, 50, and 200 days’ moving averages but higher than the 20 and 100 days’ moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 47.82 which indicates bearish momentum in prices.

The US dollar index traded above 93 at 93.10, up 0.14 percent in the evening trade against the major cross. While the Benchmark 10-year US T-bond yields was up 2 basis points to 1.23 percent.

Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund were unchanged for the second day at 1,028.55 tonnes. The ETF has a market value of $ 60.27 billion.

Spot gold fell by $ 9.95 to $ 1,800.35 an ounce at 1300 GMT in London trading.

MCX Bulldesk dropped by 65 points or 0.45 percent, at 14,509 at 18:32. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

The spot gold/silver ratio currently stands at 71.92 to 1 indicating that silver has outperformed gold.

In the futures market, the gold rate touched an intraday high of Rs 47,750 and an intraday low of Rs 47,500 on the Multi-Commodity Exchange (MCX). For the August series, the yellow metal touched a low of Rs 44,501 and a high of Rs 49,721.

Gold futures for August delivery slipped Rs 305, or 0.64 percent, at Rs 47,571 per 10 gram in evening trade on a business turnover of 6,196 lots. The same for October slide Rs 268, or 0.56 percent, at Rs 47,870 on a business turnover of 8,573 lots.

The value of the August and October’s contracts traded so far is Rs 876.08 crore and Rs 203.05 crore, respectively.

Similarly, Gold Mini contract for August slumped Rs 281, or 0.59 percent at Rs 47,580 on a business turnover of 12,856 lots.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.

 For all commodities related news,  click here