New Delhi: If you are looking to invest in gold, the current rates seem to be providing a good opportunity. Gold has remained around 45,000 for the past several weeks, however, prices now seem to be testing Rs 44,000 level per 10 grams amidst poor global cues.
Gold dipped by Rs 138 to Rs 44,113 per 10 gram in the national capital on Tuesday amid decline in global precious metal prices. In the previous trade, it had closed at Rs 44,251 per 10 grams. Silver also declined Rs 320 to Rs 63,212 per kg, from Rs 63,532 per kg in the previous trade.
Gold futures on Tuesday fell 0.22 per cent to Rs 44,600 per 10 gram as participants offloaded their holdings on a low spot demand. On the Multi Commodity Exchange, gold prices for June delivery slipped by Rs 98, or 0.22 per cent, to Rs 44,600 per 10 gram in a business turnover of 12,616 lots.
Gold prices slipped on Tuesday to their lowest in more than two weeks, weighed down by a firm U.S. dollar and Treasury yields as expectations of a swift economic turnaround grew with vaccination rates gaining traction. Bullion, often sought as a safe store of value in times of economic turmoil, is sensitive to rising yields as they raise the opportunity cost of holding non-yielding gold. Spot gold was down 0.3% at $1,706.86 per ounce by 0326 GMT. Earlier in the session, bullion touched $1,704, its lowest since March 12, a Reuters report said.