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The Indian Bullion Jewellers Association (IBJA) fixed the standard gold price at ₹1,51,865 per 10 grams (999 purity) during its February 17 evening session, down 1.45% from ₹1,54,098 in the previous session.
Gold climbs near Rs1.53 Lakh
New Delhi: Gold prices staged a strong rebound on February 18, with domestic futures on the Multi Commodity Exchange of India (MCX) opening higher at Rs1,52,899 per 10 grams (24-carat), marking a gain of nearly 1% from the previous close.
In the international market, spot gold initially slipped sharply to $4,869 per ounce in early trade before recovering to trade above $4,938 per ounce as of 3:38 am GMT - up around 0.66% from its previous close.
Back home, the Indian Bullion Jewellers Association (IBJA) fixed the standard gold price at Rs1,51,865 per 10 grams (999 purity) during its February 17 evening session, down 1.45% from Rs1,54,098 in the previous session. IBJA rates serve as the benchmark for Reserve Bank of India Sovereign Gold Bond (SGB) valuations, calculated using the previous week’s average closing price.
Meanwhile, the rupee traded in a narrow band around 90.68 against the dollar, as market participants awaited clearer direction from the dollar index and secondary market flows. Analysts noted that while discussions around a potential US-India trade deal continue, they have yet to materially support the currency. Immediate support for the rupee is seen near 90.90, with resistance around 90.25.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, gold remains under pressure globally as easing geopolitical tensions dampen safe-haven demand. With no major US or China data expected this week, prices may remain range-bound to weak. Key support for MCX gold is placed at Rs1,48,000-Rs1,49,500, while Rs1,55,000 stands as a critical resistance zone.
What should investors track next?
Market participants will closely monitor global dollar movement, geopolitical developments, rupee trends, and upcoming macroeconomic cues for further direction in gold prices.
