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On Thursday, the precious metal with 99.9% purity remained stable at its all-time high of Rs 82,400 per 10 grams. Meanwhile, silver faced selling pressure, falling below Rs 95,000 with a decline of Rs 4,600, pushing its price down to Rs 94,900 per kg, down from Rs 99,500 per kg at the previous close.
Updated – November 4, 2024 5:24 PM
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New Delhi: Gold prices retreated from record highs in the national capital on Monday, falling to Rs 81,100 per 10 gram from Rs 1,300 on fresh selling by traders and retailers, according to the All India Sarafa Association.
The precious metal with a purity of 99.9 percent was trading flat at Rs 82,400 per 10 grams on Thursday – its all-time high.
Silver also remained under selling pressure and fell below the Rs 95,000 mark, depreciating Rs 4,600 to Rs 94,900 per kg. It was closed at Rs 99,500 per kg on Thursday.
Traders said tepid demand from jewelers and retailers in local markets weighed on gold prices.
Prices of gold of 99.5 percent purity fell by Rs 1,300 to Rs 80,700 per 10 grams. The yellow metal had closed at Rs 82,000 per 10 grams in the previous session on Thursday – its all-time high.
In futures trading at the Multi Commodity Exchange (MCX) on Monday, gold contracts for December delivery fell by Rs 329, or 0.42 percent, to trade at Rs 78,538 per 10 gram.
“Gold prices experienced volatility as Comex gold found support near $2,730 but struggled to break above $2,750.
“With the US election results to be announced in the next two days, market participants are expected to have mixed feelings, which is likely to result in a session between Rs 78,000 and Rs 79,000 in MCX,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency. at LKP Securities, said.
Last week, the yellow metal had touched a lifetime high of Rs 79,775 per 10 grams.
Silver contracts for December delivery fell by Rs 412, or 0.43 percent, to Rs 95,071 per kg on the MCX.
Globally, Comex gold futures rose 0.13 percent, or USD 3.6 per ounce, to USD 2,752.80 per ounce.
“Gold prices are trading slightly lower on profit booking as traders are now looking for fresh cues on the demand front and are also keeping their positions light ahead of key events such as the US elections/Federal Reserve policy decision and other data coming from the world market. Pranav Mer, VP Research (Commodity & Currency) at BlinkX and JM Financial, said.
According to Praveen Singh – Associate VP, Fundamental Currencies and Commodities at BNP Paribas’ Sharekhan, gold was highly volatile and choppy on Monday as it rose on disappointing US non-farm payroll reports, but fell as yields rose with the focus on the US presidential election . election results and a possible increase in the budget deficit.
On the other hand, Comex silver futures were trading 0.78 percent higher at USD 32.94 per ounce during Asian market hours.
“Going forward, traders believe that gold prices should consolidate in a broader range ahead of the outcome of the major two-event US presidential election and the Federal Open Market Committee (FOMC) meeting.
“On the macro front, US factory orders will be released later on Monday, which could create short-term volatility in gold,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
According to a report from Goldman Sachs Research, gold is expected to rise higher than previously expected as central banks in emerging markets have stepped up their purchases.
The precious metal is predicted to rise to $3,000 per ounce by the end of 2025.
Gold purchases by emerging market central banks have increased significantly since the asset freeze of Russia’s central banks in 2022 following Russia’s invasion of Ukraine, the report said.