Gold, Silver Prices Decline From Record Highs As Demand Dips
Silver prices also plunged by Rs 1,000 to Rs 1.01 lakh per kg, snapping the six-day winning streak on Thursday due to reduced offtake by industrial units and coin makers
Gold and silver prices retreated from record levels in the national capital on Thursday due to tepid demand from jewellers, according to the All India Sarafa Association.
Taking a breather, gold prices of 99.9 per cent purity declined by Rs 300 to Rs 81,200 per 10 grams from the record high level of Rs 81,500 per 10 grams.
Silver prices also plunged by Rs 1,000 to Rs 1.01 lakh per kg, snapping the six-day winning streak on Thursday due to reduced offtake by industrial units and coin makers.
The yellow metal of 99.5 per cent purity fell by Rs 300 to Rs 80,800 per 10 grams against the previous close of Rs 81,100 per 10 grams on Wednesday.
Poor demand from jewellers in the local market dragged the prices of the precious metal while firm global trends restricted losses, traders said.
In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery appreciated Rs 549 or 0.71 per cent to trade at Rs 78,361 per 10 grams.
The yellow metal had hit a fresh peak of Rs 78,919 per 10 grams on Wednesday.
"Gold prices maintained a positive stance as the dollar remained muted. After witnessing some selling pressure on Wednesday, gold quickly rebounded.
"This recovery highlights the strong underlying sentiment for gold, which continues to benefit from the broader macroeconomic environment, particularly as the US dollar stabilises," Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said.
Silver contracts for December delivery bounced Rs 1,465 or 1.51 per cent to trade at Rs 98,425 per kg on the MCX.
In the international markets, Comex gold futures rose 0.73 per cent to USD 2,749.30 per ounce.
"Gold and silver price are trading steady as market uncertainty regarding the US Presidential election and persistent tensions in the Middle East continue to spur safe haven demand," Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd, said.
Comex silver futures quoted 1.72 per cent higher to USD 34.42 per ounce in the Asian market hours.
"Traders will be awaiting the upcoming US macroeconomic data such as weekly unemployment claims, building permits, new home sales, and S&P global US PMIs to be release later on Thursday," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
The data will provide more insights on the trajectory of the US Federal Reserve's (Fed) monetary policy interest rate path, Gandhi added.
Disclaimer: (This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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