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Gold prices fell from record highs in the national capital on Tuesday due to fresh selling by stockists amid a bearish trend in global markets. Gold fell by Rs 400 to Rs 78,300 per 10 grams during trading. According to the All India Sarafa Association, gold had closed at an all-time high of Rs 78,700 per 10 grams on Monday. However, silver remained steady at Rs 94,000 per kg due to profit booking after silver prices fell in overseas markets. Apart from this, gold of 99.5 percent purity also fell by Rs 400 from its record level to Rs 77,900 per 10 grams. It had closed at Rs 78,300 per 10 grams in the previous close on Monday.
Traders said gold prices fell due to sluggish demand from local jewelers amid weak trend in global markets. Meanwhile, gold contract for December delivery fell by Rs 145 to Rs 75,900 per 10 grams in futures trading on the Multi Commodity Exchange (MCX). Silver contract for December delivery fell by Rs 1,280 to Rs 91,077 per kg on MCX. Gold also remained volatile due to tensions in West Asia between Iran and Israel and is expected to remain in the range of Rs 75,450-76,350 on MCX.
Comex gold also fell
Jatin Trivedi, Vice President and Research Analyst at LKP Securities, said, “The market sentiment on interest rate cuts remains neutral, with expectations of a 0.25 (quarter) percent cut, as the US unemployment data is coming in line with the expectations of a big rate cut.” Comex gold futures fell 0.38 percent to $ 2,655.80 an ounce in Asian trading hours. Silver fell 1.79 percent to $ 31.43 an ounce in the international market.
