New Delhi: According to the All India Sarafa Association, the price of gold in the national capital rose by Rs 200 to Rs 81,300 per ten grams on Tuesday amid fresh buying by local jewelers and retailers and strong global trend. The precious metal of 99.9 percent purity in the national capital fell by Rs 1,300 from its record high to Rs 81,100 per 10 grams on Monday. Silver jumped by Rs 1,800 to Rs 96,700 per kg on Tuesday. Silver closed at Rs 94,900 per kg in the previous trading session.
On Monday, the price of gold of 99.5 percent purity rose by Rs 200 to Rs 80,900 per 10 grams, while earlier its price had closed at Rs 80,700 per 10 grams. In the domestic markets, the yellow metal prices rose due to pick-up in demand from local jewellers and retailers, traders said.
Meanwhile, gold contract for December delivery fell by Rs 18, or 0.02 per cent, to Rs 78,404 per 10 gram in futures trading on the Multi Commodity Exchange (MCX). During the day’s trade, the precious metal hit a high of Rs 78,580 per 10 gram and a low of Rs 78,191 per 10 gram. According to market experts, “Gold prices are currently facing a marginal resistance near the Rs 78,500 level, with a similar hurdle in the international market at around $2,745-2,750 an ounce. This resistance remains strong, as the upcoming US election adds a level of caution for investors.”
“Additionally, the decision of the US Federal Reserve to cut interest rates on November 7 is expected to keep gold prices volatile throughout the week,” said Jatin Trivedi, Vice President Research Analyst- Commodity & Currency, LKP Securities. However, silver contract for December delivery rose by Rs 239 or 0.25 per cent to Rs 94,523 per kg. In the international markets, Comex gold futures rose by $1.50 an ounce or 0.05 per cent to $2,747.70 an ounce.
According to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, Comex gold rose on Monday, supported by safe-haven demand after recent polling data indicated a tight US presidential race with no clear frontrunner between Kamala Harris and Donald Trump ahead of Tuesday’s vote. Last week, gold hit a new all-time high of $2,801.80 an ounce amid a fiercely contested election, reflecting growing investor confidence in gold as a safe-haven asset.
However, Chainwala said gold eased off its all-time high after strong US economic data raised expectations that the Federal Reserve may adopt a cautious stance on monetary easing. Comex silver futures were trading 0.37 per cent higher at $32.73 an ounce in Asian markets. “Traders remained cautious in view of the US presidential election and refrained from placing fresh bets ahead of the outcome of key macroeconomic developments,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
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