A big fall in the prices of gold and silver has been recorded on Friday amid the festival and wedding season. In the national capital, gold price fell by Rs 1,150 to Rs 80,050 per 10 grams. Silver also remained 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 last closing price on Thursday.
Due to this, gold prices were affected
All India Bullion Association says that gold of 99.5 percent purity fell by Rs 350 to Rs 80,450 per 10 grams, while the previous closing 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, whereas it had closed at Rs 81,200 on Thursday. Traders said weak demand from jewelers and retailers in the local markets and a weak trend in the overseas markets weighed on gold prices.
How was the business in the futures market today?
Gold contracts for December delivery fell by Rs 406, or 0.52 per cent, to Rs 77,921 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). Silver contracts for December delivery fell by Rs 1,134, or 1.17 per cent, to Rs 95,898 per kg. In global markets, Comex gold futures fell $15.90 an ounce, or 0.58 per cent, to $2,733 an ounce. In the Asian market, silver was trading 1.39 percent lower at $ 33.33 an ounce.
This is the expert’s opinion
Saumil Gandhi, senior commodity analyst at HDFC Securities, said gold declined on Friday as US macro data triggered bets that the US Federal Reserve’s rate-cutting cycle will be less aggressive than expected. Gandhi said US unemployment claims fell for a second week, showing resilience in the labor market, while a rise in S&P PMI reinforced strong private sector momentum, which weighed on gold prices. However, he said safe-haven demand and hopes of an improvement in India’s retail demand for the upcoming festivals limited heavy losses. Similarly, Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said gold declined in reaction to the delayed release of Thursday’s US data. Additionally, the lack of specific details on alternative payment systems at the BRICS summit is also putting pressure on the metal.
