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After softening, the prices of gold and silver again rose on Friday. The price of gold in the national capital rose by Rs 500 to reach Rs 80,000. On Thursday, the precious metal of 99.9 percent purity had closed at Rs 79,500 per 10 grams. The price of gold of 99.5 percent purity rose by Rs 500 to Rs 79,600 per 10 grams. It had closed at Rs 79,100 per 10 grams on Thursday. According to PTI news, silver also rose by Rs 800 to Rs 94,600 per kg, while its price was Rs 93,800 per kg the previous day.
Reason for a surge in prices
According to the news, the All India Sarafa Association said that the price of precious metals rose amid fresh purchases by local jewelers and retailers for wedding festivals. Traders said that the demand of local jewelers has increased for the wedding season. Also, due to the fall in the rupee against the US dollar, investors bet on this asset class as a safe investment, which led to a rise in gold prices.
What was the price in the futures market?
Gold contracts for December delivery traded lower by Rs 198 at Rs 77,213 per 10 gram in futures trade on the Multi Commodity Exchange (MCX). Jatin Trivedi, VP Research Analyst, Commodity & Currency at LKP Securities, said gold traded weak amid strength in the dollar index and Federal Reserve (Fed) policy announcement on expectations of a rate cut of 0.25 percent. There were no fresh surprises to support gold prices as the Fed’s outlook and inflation moving towards the 2 percent target remained positive.
What was the trend in the Asian market?
Profit-booking continued following Donald Trump’s election victory. Silver contracts for December delivery fell by Rs 630, or 0.68 percent, to Rs 91,683 per kg. In Asian market hours, Comex gold futures fell by $10 an ounce, or 0.37 percent, to $2,695.70 an ounce. According to commodity experts, gold prices fell below the $2,700 level on Friday as investors balked at expectations that economic policies under President-elect Donald Trump could boost growth and inflation.
