Gold prices fall ₹1,300 to ₹81,100 per 10 gm amid weak demand from jewellers and retailers; Silver drops by ₹4,600 | Stock Market News

Gold prices fall  ₹1,300 to  ₹81,100 per 10 gm amid weak demand from jewellers and retailers; Silver drops by  ₹4,600 | Stock Market News

Source: Live Mint

Gold prices in India fell by 1,300 to touch 81,100 per 10 grams in Delhi on Monday, November 4, after stockists and retailers made a fresh sale of the commodity, PTI reported quoting the All India Sarafa Association.

The yellow metal of 99.9 per cent purity traded flat at 82,400 per 10 grams on Thursday. 

Also Read | Gold price falls with US election, Fed in focus; expert strategy for MCX Gold

Silver also fell 4,600 to 94,900 per kilogramme, slipping below the 95,000 zone. According to the report, it closed at 99,500 per kilogramme on Thursday.

Traders said weak demand from the jewellers and retailers in the local markets weighed on gold prices, as per the report.

The 99.5 per cent pure gold also fell 1,300 to 80,700 per 10 grams. On the other hand, Gold Futures on the Multi Commodity Exchange of India (MCX) fell 0.42 per cent or 329 to 78,538 per 10 grams, as per the report.

Silver futures contracts for December fell 0.43 per cent, or 412, to 95,071 per kilogramme on the MCX, as per the report. 

Also Read | Gold prices likely to see volatility next week due to US election, Fed policy

“With the US election results due in the next two days, market participants are expected to have mixed sentiments, likely resulting in a range-bound session between 78,000 and 79,000 in MCX,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

Global Prices

Comex gold futures rose 0.13 per cent, or $3.6 per ounce, to $2,752.80 per ounce.

Gold prices experienced volatility as Comex gold found support near USD2,730 but struggled to break above USD 2,750, said Trivedi.

“Gold prices are trading slightly lower on profit-booking as traders now look for fresh cues on the demand front and are also keeping positions light ahead of the key events like US elections/Federal Reserve’s policy decision and other data due from the global market,” Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, was quoted as saying in the report. 

Also Read | Gold, silver prices jump over 4% in October on safe-haven demand

Gold was highly volatile and choppy on Monday as it surged on a disappointing US non-farm payroll report, but it fell as yields surged with a focus on the US presidential election outcome and a possible increase in fiscal deficit, according to Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

Comex silver futures quoted 0.78 per cent higher at $32.94 per ounce in the Asian market operating hours. 

Also Read | Gold prices rise 0.41% to ₹79,554 amid festive season demand; silver plummets

According to a report by Goldman Sachs Research, gold is expected to climb higher than anticipated as the central banks of emerging markets have increased their purchases. 

The precious yellow metal is expected to rise by $3,000 per ounce by the end of 2025.

“Moving forward, traders believe the gold price should consolidate in a broader range before the outcome of the major two-event US presidential election and Federal Open Market Committee (FOMC) meeting,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said, as per the report.

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