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Gold Prices Continue To Dip On Tuesday, Still Higher From June 1 Levels

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Gold prices continued to dip, though very marginally in trade on Monday. While gold August Futures were marginally lower by 0.16% on the MCX, Spot Gold was trading higher.

 

In fact, jewellers that Goodreturns.in spoke to said that gold for 22 karats was trading at Rs 4,768 per gram in Mumbai on Tuesday as compared to Rs 4,751 per gram seen on Monday.

Similarly, gold for 24 karats too was trading higher in Mumbai and other cities of India. In the global markets on Tuesday, the yellow metal was now near the $1900/oz once again in trade, while silver was unable to break the $28/oz.

Investors across the globe continue to look to inflation in the United States and hence bond yields. If consumer inflation in the US rises, it may send bond yields higher, pushing gold prices lower.

Gold Prices Continue To Dip On Tuesday, Still Higher From June 1 Levels

Carsten Fritsch, precious metals analyst at Commerzbank was quoted by Kitco as saying, "Companies are reporting rising input costs and disrupted supply chains. Our economists, therefore, expect the inflation rate to continue climbing for now and to remain at a very high level into the third quarter before it then begins falling again," he said

 

Also, a reduction in the bond purchase programme by the US Federal reserve may see some reaction in gold prices.

In India, investors have been waiting for a serious dip in gold prices, which have not been happening. Overall, gold is expected to trade in a tight range in the coming days. Analysts are not seeing a significant upside in the price of the precious metal anytime soon.

Read more about: gold
Story first published: Tuesday, June 8, 2021, 15:26 [IST]
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