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December 22, 2024
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Gold Prices Hold Firm At Rs 71,350; Silver Falls By Rs 1,100


Gold prices held steady at Rs 71,350 per 10 grams, while silver prices dropped by Rs 1,100 per kg in the local market on Thursday, according to the All India Sarafa Association.

Silver prices fell to Rs 81,100 per kg from Rs 82,200 per kg in the previous session, driven by reduced demand from coin makers and industrial users.

In the national capital, gold with 99.9% and 99.5% purity remained unchanged at Rs 71,350 and Rs 71,000 per 10 grams, respectively.

Globally, gold on Comex was quoted at $2,396 per ounce, marking a $3 increase from the previous day.

“Comex gold traded steady after the past few days’ wild swing. Investors are inclined toward safe-haven assets with risk-averse sentiments, while the weaker dollar index and US Treasury yield augur well for the gold prices,” Dilip Parmar, research analyst at HDFC Securities Ltd., said.

According to Chintan Mehta, chief executive officer at Abans Holdings Ltd., the prices of the yellow metal remain firm as optimism surrounding the imminent interest rate cut from the Federal Reserve has made the non-yielding asset attractive as a hedge against inflation.

Increased risk from continuing geopolitical tension has kept the fundamentals of gold strong. Traders will keep tabs on Fed members’ speeches for further direction on the monetary policy path, Mehta added.

Meanwhile, silver was flat at $26.89 per ounce in the overseas markets.

“US jobless claims data to be released later on Thursday can induce further volatility in the markets,” Praveen Singh, associate vice-president of fundamental currencies and commodities at Sharekhan by BNP Paribas, said.

According to Jateen Trivedi, vice-president and research analyst of commodity and currency at LKP Securities Ltd., the market participants will also be awaiting the upcoming US Consumer Price Index inflation data for July and the non-farm payrolls report in early September, which will be crucial in confirming the certainty of the interest rate cuts.

Gold traders should closely monitor these developments to gauge the future direction of prices, Trivedi added.

(With Input From PTI)





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