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Gold prices fell Rs 200 to ₹79,200 per 10 grams in the national capital on Monday (December 2, 2024) amid weak trends in the international markets, according to the All India Sarafa Association.
The yellow metal of 99.9% purity closed at ₹79,400 per 10 grams on Friday (November 29, 2024).
Silver also plummeted ₹2,200 to ₹90,000 per kg due to reduced offtake by industrial units and coin makers. It had closed at ₹92,200 per kg in the previous trading session.
The price of gold of 99.5% purity slipped ₹200 to ₹78,800 per 10 grams. The precious metal ended at ₹79,000 per 10 grams on Friday (November 29. 2024).
Meanwhile, in futures trade on the MCX, gold contracts for December delivery fell ₹478, or 0.63%, to trade at ₹75,896 per 10 grams.
Silver contracts for December delivery slumped ₹574, or 0.65%, to ₹88,307 per kg. During the day, the white metal declined ₹1,081, or 1.22%, to hit an intra-day low of ₹87,800 per kg on the Multi Commodity Exchange (MCX).
Globally, Comex gold futures fell $23.50 per ounce, or 0.88%, to $2,657.50 per ounce.
“Gold continued its downward trajectory, after hitting an intra-day low of USD 2,621 during the Asian session.”
“The decline was driven by a recovery seen in U.S. dollar, fuelled by rising U.S. Treasury bond yields and inflationary concerns tied to President-elect Donald Trump’s proposed tariffs,” Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, last week comex gold closed on a weaker note as safe-haven demand faded, following a ceasefire agreement between Israel and Hezbollah in Lebanon.
“Also, concerns about persistent inflation have raised doubts about the pace of rate cuts next year,” Mr. Chainwala said.
Silver, too, fell 1.36% at $30.69 per ounce in the Asian market hours.
“Markets are closely monitoring escalating Ukraine-Russia tensions and looking ahead to US manufacturing PMI data to be released later on Monday (December 2, 2024).
“Further, key addresses from Fed officials, including Federal Reserve (Fed) Chair Jerome Powell, are also in focus as markets anticipate the December rate decision,” Abans Holdings’ Chief Executive Officer Chintan Mehta, said.
While participation in gold has decreased compared to previous levels, prices may strengthen as investors increase their exposure, Mr. Mehta stated.
Traders believe gold prices will rise further, though a potential delay in additional interest rate cuts could trigger short-term declines — presenting an opportunity to accumulate, he added.
Published – December 02, 2024 05:06 pm IST
