New Delhi | Jagran Business Desk:Gold prices are likely to remain bullish and could surge to Rs 56,000-57,000 per 10 gms mark in the Indian market. Gold prices on Thursday rose Rs 104 to Rs 50,273 per 10 gram in the futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for the December delivery traded higher Rs 104, or 0.21 per cent, at Rs 50,273 per 10 gram in a business turnover of 9,890 lots. The silver futures also gained 0.38% to Rs 62,780 per kg.  In the previous session, gold futures had declined 0.6% or Rs 310 per 10 gram while silver rates had tumbled 1% or Rs 600 per kg.

Dhanteras, considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils, is being celebrated for two days on Thursday and Friday this year.

 Although the buying sentiment has improved after the COVID-19 curbs were relaxed, consumers are still wary of investing in precious metal at current high rates, they said. Jewellers also said they are recycling old jewellery stock to meet the festive and wedding season demand.

Besides, a caution still prevails among people while coming out of their homes for shopping amid rising COVID-19 cases in key consuming markets across the country, and consumers in view of the pandemic have made advanced booking through online jewellery platforms, they added.

In domestic market, precious metal is holding strong with nearly 30 per cent returns so far, even after a significant correction from its peak of around Rs 56,191/10gms at MCX, marked in early August., the report said. Looking at the chart structure, bullish tone remains intact on higher time frames where monthly and weekly charts are witnessing advance with higher highs and higher lows.

(with inputs from IANS)

 

Posted By: Rakesh Kumar Jha