Silver price also Rs. 300 reduced to Rs. 92,500 per kg.
In the previous trading session, the white metal traded at Rs. 92,800 per kg was ended. In the last two trading sessions it was Rs. 4,500 per kg was reduced.
On Monday, gold of 99.5 per cent purity was priced at Rs. 1,150 reduced to Rs. 77,950 per 10 grams.
Traders said sentiment was largely subdued with uncertainty over the effects of concerns over US President-elect Donald Trump’s economic policies which could act as a tailwind for the US dollar.
-
Stock trading
Options Scalping Made Easy
-
Stock trading
Market 103: Mastering Trends with RMI and Techno-Funda Insights
-
Stock trading
Stock markets made easy
-
Stock trading
RSI Trading Techniques: Mastering the RSI Indicator
-
Stock trading
Technical Analysis For Everyone – Technical Analysis Course
-
Stock trading
Futures Trading Made Easy: Futures and Options Trading Course
-
Stock trading
Technical Analysis Made Easy: An Online Certification Course
-
Stock trading
ROC Made Easy: A Master Course for the ROC Stock Indicator
-
Stock trading
Algo trading made easy
-
Stock trading
A2Z of Stock Trading – Online Stock Trading Course
-
Stock trading
Options Trading Made Easy: Options Trading Course
-
Stock trading
Macroeconomics Made Easy: Online Certification Course
In futures trade on MCX, the gold contract for February delivery traded at Rs. 143 or 0.19 percent to Rs. 77,279 per 10 grams was traded.
During the day, the yellow metal rose to Rs. 76,904 per 10 grams to an intra-day low and Rs. 77,295 per 10 grams reached a high.
“Gold traded in a volatile range, continuing last week’s up-down swing, as the market braces for a series of major economic events this week,” said Jatin Trivedi, VP Research Analyst, Commodities and Currencies at LKP Securities.
On the commodity exchange, silver contracts for March delivery at Rs. 319 or 0.35 percent to Rs. 91,320 had been reached.
In international markets, Comex gold futures were up USD 2.70, or 0.10 percent, at USD 2,678.50 an ounce.
“Due to ongoing geopolitical tensions in the Middle East, particularly after Israel’s air and ground strikes in Gaza, safe-haven demand and limits for gold continue to decline,” said Saumil Gandhi, senior commodities analyst at HDFC Securities.
Flash PMIs from the United States and the Eurozone to be released later on Monday could influence overall risk sentiment and offer volatility for bullion, Gandhi said.
Echoing similar sentiments, Pranav Mere, Vice President, EBG, Commodity & Currency Research, JM Financial Services said, “Gold prices are likely to trade steady with focus on the outcome of key central bank policy meetings starting with the Fed. There may be some consolidation on Wednesday, followed by the Bank of Japan/Bank of England on Thursday and the People’s Bank of China on Friday (PBoC) will come.
Silver rose 0.26 percent to trade at $31.11 an ounce in the Asian trading session.
According to the World Gold Council, prices of the precious metal will rise more slowly in 2025 after a record-breaking run this year. However, next year’s gains are likely due to variables such as growth and inflation.
The WGC said in its 2025 Outlook report that a potential trade-war and complicated interest-rate outlook in US President-elect Trump’s second term could spill over into sub-par economic growth, which could hurt investor and consumer demand.
(You can now subscribe to our ETMarkets WhatsApp channel)
