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Amid the festival and wedding season, gold and silver prices have fallen sharply on Friday. In the national capital, gold prices fell by Rs 1,150 to Rs 80,050 per 10 grams. Silver also came under selling pressure and fell by Rs 2,000 to Rs 99,000 per kg. According to PTI news, the metal had closed at Rs 1.01 lakh per kg in its previous close on Thursday.
Because of this, the price of gold was affected.
According to the All India Sarafa Association, gold of 99.5 percent purity fell by Rs 350 to Rs 80,450 per 10 grams, while the previous close price was Rs 80,800. At the same time, gold of 99.9 percent purity fell by Rs 1,150 to Rs 80,050 per 10 grams, while it closed at Rs 81,200 on Thursday. Traders said that the prices of gold were affected due to weak demand from jewelers and retailers in the local markets and weak trends in foreign markets.
How was the trading in the futures market today
On the Multi Commodity Exchange (MCX), the price of gold contracts for December delivery fell by Rs 406 or 0.52 percent to Rs 77,921 per 10 gram in futures trading. The price of silver contracts for December delivery fell by Rs 1,134 or 1.17 percent to Rs 95,898 per kg. In the global markets, Comex gold futures fell by $ 15.90 per ounce or 0.58 percent to $ 2,733 per ounce. In the Asian market, silver was trading 1.39 percent lower at $ 33.33 per ounce.
This is the opinion of the experts.
Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said gold declined on Friday as US macro data started fuelling bets that the US Federal Reserve’s rate-cutting cycle would be less aggressive than expected. Gandhi said unemployment claims in the US declined for the second week, showing resilience in the labor market, while a rise in the S&P PMI reinforced strong private sector momentum, which weighed on gold prices. However, he added that safe-haven demand and hopes of improvement in India’s retail demand for the upcoming festivals limited heavy losses. Similarly, Praveen Singh, Associate VP, Fundamental Currencies & Commodities at Sharekhan by BNP Paribas, said gold declined in a delayed reaction to Thursday’s US data. Besides, the lack of specific details on alternative payment systems at the BRICS summit is also putting pressure on the metal.
