Gold and silver prices edged lower in India amid a stronger rupee though global cues were positive. On MCX, gold futures were down 0.17% to Rs 47459 per 10 gram while silver rates edged lower to Rs 64,050 per kg.
The Indian rupee on Friday had jumped to over 10 weeks against the US dollar, making gold imports cheaper into India. Gold prices in India include 10.75% import duty and 3% GST. Spot gold was up 0.2% at $1,819.71 per ounce. Though Powell indicated that the central bank plans to cut its asset purchases this year, he said that Fed remain cautious in any eventual decision to raise interest rates.
Among other precious metals, silver rose 0.3% to $24.07 per ounce, while platinum climbed 0.7% to $1,015.08. Meanwhile in India, the latest tranche of sovereign gold bonds opened for subscription today. The issue price has been fixed at Rs 4,732 per gram of gold with a marginal discount for those applying online and making payment online.
Earlier, the government had announced issuance of the Sovereign Gold Bond (SGB) in six tranches from May 2021 to September 2021. The RBI issues the bonds on behalf of the Government of India.