Gold became cheaper on Tuesday before Christmas. In the national capital, gold price fell by Rs 100 to Rs 78,600 per 10 grams. All India Bullion Association gave this information. In the last trading session, gold had 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 on Tuesday to Rs 78,200 per 10 grams.
Improvement after last week’s decline
According to the news, globally, Comex gold futures were at 2,628. Was trading stable at $30 an ounce. Pranab Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, said gold prices remained stable in the low holiday session and prices witnessed a recovery after last week’s decline, but due to a strong dollar in the overseas market. Pressure remained on prices.
Expert opinion
According to Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, trading volumes were relatively quiet this week ahead of the Christmas holidays. Meanwhile, Gandhi said the recovery in the US dollar after Friday’s fall was acting as a headwind for the precious metal.
Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Mirae Asset Sharekhan, said that like other commodities, gold trading is also in consolidation mode amid weak liquidity conditions. He said market participants will await US data, including the Philadelphia Fed non-manufacturing and Richmond manufacturing indexes, which will give further signals on gold prices going forward.
