A decline in the price of gold was recorded on Tuesday in the last trading session of the year 2024. Gold price fell below Rs 79,000 per 10 grams in the national capital. In the national capital on Tuesday, the precious metal of 99.9 per cent purity fell by Rs 550 to Rs 78,950 per 10 grams. On Monday it closed at Rs 79,350 per 10 grams. According to PTI news, in the last one year, gold prices have increased by Rs 15,030 or 23.5 percent to Rs 78,950 per 10 grams. 99. The price of gold of 5 percent purity decreased by Rs 550 to Rs 78,400 per 10 grams.
Prices to rise by more than 20% in 2024
According to the news, local market sources say that gold prices fell due to weak offtake by stockists and retailers. Traders said gold prices fell in the last trading session of the year as participants remained cautious. Saumil Gandhi, senior analyst of commodities at HDFC Securities, said that domestic gold prices are up by more than 20 per cent in 2024, while spot gold is up by about 26 per cent. Gandhi highlighted that several factors such as global geopolitical and economic uncertainty, interest rate cuts by western central bankers, and strong demand from central banks have led to the rise in gold prices.
gold in futures trading today
Gold contracts for February delivery rose by Rs 253, or 0.33 per cent, to Rs 76,513 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). There was a slight recovery in gold after selling pressure on Monday. Prices rose to Rs 76,500 on MCX. The recent selling was mainly driven by a surge in the dollar index, which climbed above 108 points, creating resistance near Rs 77,000 for gold in MCX.
What do experts say
Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said low trading volumes due to holiday period and New Year celebrations kept gold prices in a tight range, limiting participation from market participants. Globally, Comex gold futures rose $4.8 an ounce, or 0.18 per cent, at 2,622. It became $90 an ounce. According to Abans, Chintan Mehta, Chief Executive Officer of Holdings, said that the dollar index remains strong, due to which gold prices remain stable. Traders have reduced expectations of a Federal Reserve rate cut in 2025 after recent bullish signals. Traders expect gold prices to rise further.
