After gaining by over Rs 500 on Thursday, Gold February Futures on the Multi Commodity Exchange (MCX) made a flat opening today at Rs 48,716, up Rs 70 per 10 grams against the previous close of 48,646.

Comex gold futures continued its advances and opened above $1800 on Friday, after making attractive gains of $23 on Thursday.

MCX Silver March Futures opened in the red with marginal loss of Rs 20 at Rs 62129 Friday, against the previous close of Rs 62,151.

Comex Gold regains USD 1800 levels

Comex gold extended Thursday's advances and opened above $1800 on Friday. The US dollar remained under pressure giving a strong support to the yellow metal. Mixed US economic data and US Federal Reserve's hawkish stance on inflation weighed on the dollar.

CME Gold February Futures was last quoted at $1803 an oz (a troy ounce is equal to 31.1 grams) after hitting an intra-day high of $1805.3. Bullion has gained momentum and bounced back by $50 since Wednesday's intra-day lows of $1753, the levels last seen in October 6.

CME Silver March contract, on the other hand opened marginally down at $22.53 an oz and was last quoted at $22.46 an oz on Friday. The prices have recovered from the intra-day lows of $21.41 on Wednesday.

MCX Gold Futures advances to Rs 48,785

MCX Gold Futures extended its gains on Friday to trade firmly above Rs 48,500 and was last quoted at Rs 48,754 per 10 grams, higher by Rs 108 from previous close of Rs 48,646 on Thursday for February contract. The Open interest for the February contract increased to 9302 lots, showed MCX data.

MCX Silver Futures traded weak in the early trades on Friday and was last quoted at Rs 62,094 down Rs 57 from previous close. The open interest was recorded at 11,335 lots in the early trades on MCX.

Spot Gold inches up

Spot gold continued uptrend quoting at Rs 48,384 per 10 grams, highest after Rs 48,466 quoted on November 26 for 10 grams (999 purity) as quoted by India Bullion and Jewellers Association (IBJA).

Spot Silver showed gains and recovered from Wednesday's lower levels of Rs 60,251 (999 purity) a kg to quote at Rs 61,071 on Thursday.

Outlook

Analysts see the bullion market getting fresh buying interest from investors as evident from the gains in open interest. MCX gold futures are expected to move firm with likely gains up to Rs 48934 per 10 grams. Silver is expected to hover in the range of Rs 59670-63514 a kg.

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