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Gold became cheaper on Tuesday before Christmas. The price of gold in the national capital fell by Rs 100 to Rs 78,600 per 10 grams. All India Sarafa Association gave this information. In the last trading session, gold closed at Rs 78,700 per 10 grams. According to PTI news, the price of gold of 99.5 percent purity fell by Rs 100 to Rs 78,200 per 10 grams on Tuesday.
Improvement after last week’s decline
According to the news, globally, Comex gold futures were trading steady at $2,628.30 an ounce. Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, said that gold prices remained stable in the holiday-shortened session and prices improved after last week’s decline, but prices remained under pressure due to the strong dollar in the foreign market.
Expert opinion
According to Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, trading volumes remained relatively subdued this week ahead of the Christmas holidays. Meanwhile, Gandhi said the recovery in the US dollar after Friday’s decline is acting as a headwind for precious metals.
Praveen Singh, Associate VP, Fundamental Currencies & Commodities, Mirae Asset Sharekhan, said gold, like other commodities, is trading in consolidation mode amid weak liquidity conditions. Market participants will await US data, including the Philadelphia Fed non-manufacturing and Richmond manufacturing index, which will give more indications about gold prices going forward, he added.
