gold and silver prices
– Photo: amarujala.com
Expansion
According to All India Bullion Association, gold prices in the national capital on Tuesday rose by Rs 200 to Rs 81,300 per 10 grams amid fresh buying by local jewelers and retailers and a strong global trend.
In the national capital, the precious metal of 99.9 per cent purity fell by Rs 1,300 from its record high to Rs 81,100 per 10 grams on Monday. On Tuesday, silver jumped by Rs 1,800 to Rs 96,700 per kg. In the last trading session, silver had closed at Rs 94,900 per kg.
On Monday, the price of gold of 99.5 percent purity increased by Rs 200 to Rs 80,900 per 10 grams, whereas earlier its price had closed at Rs 80,700 per 10 grams. Traders said the rise in yellow metal prices in the domestic market was driven by pick up demand from local jewelers and retailers.
Price of gold contract for December delivery softened on MCX
Meanwhile, gold contracts for December delivery fell by Rs 18, or 0.02 per cent, to Rs 78,404 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). During the day’s trading, the precious metal hit a high of Rs 78,580 per 10 grams and a low of Rs 78,191 per 10 grams.
According to market experts, “Gold prices are currently facing minor resistance near Rs 78,500 levels, the international market also faces a similar resistance 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 interest rate cut decision by the US Federal Reserve on November 7 is expected to keep gold prices volatile throughout the week,” said Jatin Trivedi, Vice President Research Analyst – Commodity & Currency, LKP Securities.
Gold futures strengthened on Comex
However, silver contracts for December delivery rose by Rs 239, or 0.25 per cent, to Rs 94,523 per kg. In international markets, Comex gold futures rose $1.50 an ounce, or 0.05 percent, at $2,747.70 an ounce.
Comex gold rose on Monday, supported by demand for safe havens after recent polling data showed no clear tie between Kamala Harris and Donald Trump ahead of Tuesday’s vote, according to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities. The US presidential race was indicated to be a tight race with no frontrunner.
Last week, gold hit a new all-time high of $2,801.80 an ounce amid a bitterly contested election, signaling growing investor confidence in gold as a safe haven asset.
However, Chainwala said gold fell from its all-time high after strong US economic data raised hopes that the Federal Reserve may take a cautious stance towards monetary easing.
In the Asian market, Comex silver futures were trading 0.37 percent higher at $ 32.73 an ounce. “Traders remained cautious in view of the US presidential election and refrained from making fresh bets ahead of the results of key macroeconomic developments,” said Saumil Gandhi, senior analyst (commodities), HDFC Securities.