Gold, Silver Price Today: Friday was a soft day for the Indian bullion market. There was a softening in the prices of both gold and silver. The price of gold fell for the third consecutive day and it fell by Rs 170 per ten grams to Rs 78,130. The price of silver declined for the second consecutive day and it fell by Rs 1,850 per kg to Rs 88,150. Traders say that due to decrease in demand from jewelers in the domestic market, there has been a slight decline in gold prices.
Gold and silver become cheaper in Delhi
In Delhi’s bullion market, the price of gold fell for the third consecutive day to Rs 78,130 per 10 grams. On Friday, it fell by Rs 170 per ten grams. According to All India Bullion Association, gold prices softened due to weak attitude of jewelers and stockists. Whereas in the last trading session on Thursday, it stood at Rs 78,300 per ten grams. During this period, the price of gold with 99.5% purity also decreased by Rs 170 to Rs 77,730 per 10 grams, which was Rs 77,900 in the last trading session. At the same time, the price of silver also decreased for the second consecutive day and it fell by Rs 1,850 to Rs 88,150 per kg. In the last trading session on Thursday it was at Rs 90,000.
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How was the trend of gold and silver throughout the week?
- Monday – Gold fell by Rs 1,150, silver fell by Rs 300
- Tuesday – Gold rose by Rs 950, silver fell by Rs 1,000
- Wednesday – Gold fell by Rs 200, silver rose by Rs 500.
- Thursday – Gold fell by Rs 800, silver fell by Rs 2,000.
- Friday – Gold fell by Rs 170, silver price decreased by Rs 1,850.
Barring Tuesday, the price of gold overall declined by Rs 1370 per ten grams during the week. There was an overall decline of Rs 4650 in silver prices during the week except Wednesday.
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On the Multi Commodity Exchange (MCX), the price of future gold for February 2024 delivery was trading up by Rs 50 or 0.07 per cent at Rs 75,701 per 10 grams on Friday. Future silver for March 2025 delivery fell by Rs 647, or 0.74 per cent, to Rs 86,540 per kg.
Talking about the international market, the price of one ounce future gold in Comex was trading at $ 2,621.20 with an increase of $ 13.10. The price of silver was down by 0.41 per cent at Rs 29.29 per ounce.
What will be the future trend in the bullion market?
Jatin Trivedi, Vice President Research Analyst, LKP Securities Minor buying was seen in gold in Comex at the level of $ 2,600. Along with this, the level of Rs 75,500 acted as temporary support in the domestic MCX market. The pace remains volatile due to uncertainties around the interest rate cycle. “Although the Federal Reserve has decided to keep rates low, its projections indicate fewer interest rate cuts going forward,” he said. There has been pressure on gold prices for the last two days.
Saumil Gandhi, senior commodity analyst at HDFC Securities, said investors will keep an eye on the core personal consumption expenditure (PCE) data to be released sometime from now. If If the actual figures are higher than the estimates, then more selling will be seen in the shares of precious metals. In such a situation, there may be a softening in its prices.
According to Kotak Securities, there was a slight improvement in the futures gold price on Comex and was trading near $ 2,620 an ounce on Friday, but gold prices ended the week amid the possibility of interest rate cut by the US Central Bank Federal Reserve. It is expected to soften. Despite the interest rate cut, Fed Chairman Powell insisted on continued progress in inflation, which reduced expectations of further easing. The brokerage firm believes that strong economic data has further weakened the case for the upcoming interest rate cut.
