Gold Futures opened with marginal gains of ₹72 on Tuesday, even as international gold extended gains for the third straight day.
Most active Gold April contract on Multi Commodity Exchange (MCX) continued uptrend and opened at ₹48,300 per 10 grams, against previous close of ₹48,228.
MCX Silver March Futures lost ₹153 in the early trades and opened at ₹61,882 a kg against previous close of ₹62,035.
Comex gold futures extended gains for the third straight day amidst growing concerns of Russia-Ukraine crisis. After opening with a marginal dip, CME Gold April Futures traded firm in early trades on Tuesday with marginal gains.
Comex Gold extends gains
CME Gold April Futures opened at $1821.8 an oz (a troy ounce is equal to 31.1 grams) on Tuesday, unchanged from previous close. However, intra-day movement showed positive momentum in the yellow metal as the prices hit a high of $1824 intra-day. Comex gold has surged by $41 since the intra-day lows of $1780.6 on January 28, 2022.
After posting gains for the two sessions, silver futures turned negative in the early trades on Tuesday. CME Silver March Futures opened marginally down at $23.025 an oz on Tuesday against previous close of $23.075.
MCX Gold trades positive
MCX Gold April Futures opened on Tuesday with marginal gains of ₹72. The yellow metal pared the opening gains and traded nearly unchanged at ₹48,236 per 10 grams at 10.09 am on Tuesday, up ₹8 or 0.02 per cent from previous close. The Open interest for April contract was 11,475 lots.
MCX Silver Futures opened in red and further deepened the losses in initial trading on Tuesday. Silver March Futures lost 0.36 per cent to quote at ₹61,810 a kg at 10.09 am Tuesday. The open interest was recorded at 12,128 lots in the early trades on MCX.
Spot gold gains strength
Spot gold inched up further on Monday to quote at ₹48,280 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates.
Silver too showed marginal gains in the spot markets to quote at ₹61,365 a kg, according to IBJA.
Analysts speak
Mounting geopolitical concerns around Ukraine crisis and inflationary pressure in parts of Europe and the US has kept precious metal in demand. The investors are seen awaiting more data this week on Federal Reserve rate hike move.
Analysts expect MCX Gold futures to move between ₹47,905-48,409, while silver is expected to trade in the range of ₹61,070-62,568.