Gold price falls ₹1,750 to ₹77,800 per 10 grams amid weak jewellers demand; Silver down ₹2,700 | Stock Market News
Source: Live Mint
Gold prices for the 99.9 per cent purity yellow metal fell ₹1,750 to ₹77,800 per 10 grams on Monday due to lagging demand from jewellers in India and weak global cues, reported the news agency PTI citing the All India Sarafa Association.
Gold prices closed at ₹79,550 per 10 grams at the previous session. The Gold Futures for the December contract on the Multi Commodity Exchange of India Limited (MCX) fell 0.15 per cent to ₹75,235 per 10 grams as of 7:30 p.m., compared to ₹75,351 at the previous market close.
The precious yellow metal with a purity of 99.5 per cent, declined from ₹1,750 to ₹77,400 per 10 grams, compared to its ₹79,150 level per 10 grams after Monday’s close.
On the other hand, Silver prices fell ₹2,700 to ₹91,300 per kilogram, compared to ₹94,000 per kilogram at the previous close. Even though the spot price was down, the Silver Futures in the December contract rose 0.46 per cent to ₹89,589 per kilogram as of 7:30 p.m., compared to ₹89,182 per kilogram at the previous close.
Global Gold
In the overseas market, the spot gold was down 0.6 per cent at $2,604.87 per ounce by 12:48 (GMT) after falling 1 per cent to hit its lowest since September 20 at $2,589.59 earlier in the session, reported Reuters.
Comex gold futures fell $19.90 per ounce, or 0.76 per cent, to $2,597.80 per ounce. Comex silver futures were trading 0.6 per cent lower at USD 30.43 per ounce in the Asian market hours.
“Gold extended its fall on Tuesday amid Donald Trump’s victory in the presidential election fuels economic optimism, which fuels the dollar’s rally,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, told the news agency.
Market investors are now waiting for US inflation data, including the Consumer Price Index (CPI), which will be released on Wednesday and speeches from several Federal Reserve members, said Gandhi.
Gold continued to face significant pressure as the strength in the dollar index kept prices under USD 2,600 on COMEX. In MCX, gold fell, slipping below ₹75,000 for the first time since October 10, said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, reported the agency.
“The current downtrend suggests that further weakness could persist, potentially driving prices down towards ₹72,000 if COMEX gold remains below USD 2,600 and tests the USD 2,500-level in the upcoming sessions,” he said.
Trump’s proposed policies, including higher tariffs and stricter immigration controls, are expected to drive inflation higher, softening expectations for significant rate cuts by the Fed and thereby reducing gold’s appeal, Chintan Mehta, chief executive officer of Abans Holdings, told the agency.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.