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Gold prices in India move into discount for first time in 2 months

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October 11, 2021
in Around South Asia, Around The World, India, World
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Gold. Image credits - Jingming Pan / Unsplash

Gold. Image credits - Jingming Pan / Unsplash

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Oct 11 (Livemint) – Physical gold rates in India moved into a discount for the first time in two month as a rise in local prices curbed demand, Reuters reported. Dealers in India offered discounts of up to $2 an ounce over official domestic prices last week, down from previous week’s premium of $4, according to the report. Gold prices in India include10.75% import duty and 3% GST. 

Meanwhile. gold and silver prices in India edged lower today amid weak global cues. MCX gold futures were down 0.2% to ₹46,937 per 10 gram while silver futures dipped to ₹61,737 per kg. Still gold prices are up significantly from ₹45,700 levels hit in September end. 

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In global markets, gold prices were flat on Monday despite a dip in the dollar. Spot gold was flat at $1,756.25 per ounce. The benchmark U.S. 10-year Treasury yields touched its highest level since early June on Friday on fears that the U.S. Federal Reserve would start paring stimulus this year despite weak jobs data.

Data from the Labor Department on Friday showed U.S. nonfarm payrolls increased by 194,000 jobs last month way below economists’ forecast of 500,000.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 985.05 tonnes on Friday from 986.54 tonnes on Thursday.

Spot silver fell 0.1% to $22.64 per ounce, while platinum eased 0.4% to $1,022.42. 

Axis Securities has a neutral stance on gold and recommends buy-on-dips strategy. 

“Apart from the faster vaccination pick-up, rising bond yields are now limiting the upside in the Gold prices further. Fundamentally, gold prices are inversely correlated with bond yields. The US bond yield crossed 1.5% in the last week of September in response to the US Fed’s slightly hawkish tone. Furthermore, the gold prices continued to face challenges due to the stronger dollar and will continue to face challenges with further strengthening of the dollar,” the brokerage said. 

However, Axis Securities added, “gold will continue to be a preferred asset class until the uncertainties over the economic recovery fade off and will continue to attract investments as a proven hedge against other asset classes.”

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READ: Lankan President promises a new constitution in 2022

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