Bullion prices remain flat

New Delhi: Gold price remained flat at Rs59,505 per 10 gram in the national capital on Tuesday, according to HDFC Securities. Silver also ruled flat in the second session at Rs72,500 per kilogram. Spot gold prices in the Delhi markets traded at Rs 59,505/10 gram, unchanged from its previous day close as the strength of the rupee nullified the gains of overseas gold prices, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. The rupee has appreciated nearly 0.33 per cent against the US dollar in the past two sessions, Gandhi added. In the global markets, gold and silver were trading higher at $1,930 per ounce and $23.14 per ounce, respectively. Gold price inched higher amidst a fall in yields and dollar index and as the market participants maintained a cautious stance ahead of US inflation data that could influence the Federal Reserve’s rate policy trajectory, said Navneet Damani, Senior V-P – Commodity Research at Motilal Oswal Financial Services.

Futures recover on firm spot demand

Gold futures increased Rs87 to Rs58,776 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. Silver futures increased Rs103 to Rs71,468 per kilogramme in futures trade as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs87 or 0.15 per cent at Rs58,776 per 10 grams in a business turnover of 10,511 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.40 per cent higher at $1,938.70 per ounce in New York.

On MCX, silver contracts for September delivery gained Rs103 or 0.14 per cent to Rs71,468 per kg in 12,111 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading 0.28 per cent higher at $23.41 per ounce in New York.

Brent crude trading higher at $78.04/bbl

Crude oil prices on Tuesday rose Rs8 to Rs6,032 per barrel in futures trade as participants increased their positions following a firm spot demand. Globally, West Texas Intermediate (WTI) crude oil was up by 0.58 per cent at $73.41 per barrel, and Brent crude traded 0.45 per cent higher at $78.04 per barrel in New York. On MCX, crude oil for July delivery traded higher by Rs8 or 0.13 per cent at Rs6,032 per barrel in 7,517 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade.