Gold Price Rises Rs 500, Silver at Rs 97,000/kg
Dec 12, 2024 17:52
Gold prices climbed Rs 500 to Rs 80,900 per 10 grams on Thursday, while silver rallied Rs 700 to Rs 97,000 per kg, driven by retail and jeweller demand and firm international markets.
Photograph: ANI Photo
New Delhi, Dec 12 (PTI) Gold prices climbed Rs 500 to Rs 80,900 per 10 grams in the national capital on Thursday due to persistent buying by retailers and jewellers, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity finished at Rs 80,400 per 10 grams in the previous trading session.
The yellow metal has jumped nearly Rs 2,000 in the past three sessions.
Silver also rallied Rs 700 to Rs 97,000 per kg on Thursday. The white metal settled at Rs 96,300 per kg in the previous session.
The price of gold of 99.5 per cent purity also surged Rs 500 to Rs 80,500 per 10 grams. It ended at Rs 80,000 per 10 grams on Wednesday.
According to traders, persistent buying by jewellers and a firm trend in the international markets were among the factors that aided the rally in gold prices.
Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery dipped Rs 114 or 0.14 per cent to Rs 78,888 per 10 grams.
"Gold traded within a volatile range and experienced minor profit booking at higher levels, with Comex prices facing resistance near USD 2,7202,725 and MCX encountering a hurdle around Rs 79,000," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
However, silver contracts for March delivery climbed Rs 420 or 0.44 per cent to Rs 96,222 per kg.
Globally, Comex gold futures fell USD 9.70 per ounce or 0.35 per cent at USD 2,747 per ounce.
"Gold surged past USD 2,700 in Wednesday's session after inflation data came in slightly mixed, however, market participants continued to discount one more rate cut in December's US Federal Reserve meeting supporting bullion," Manav Modi, Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, said.
Distress is also rising amid geo-political tensions, especially in the Middle East, with Syria also now in the picture.
China's central bank increasing their gold reserve once again has also supported sentiment. Any change in rate cut expectations could increase volatility in prices, Modi said.
"Traders are now focusing on US economic data, including the producer price index (PPI) and weekly unemployment claims," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Besides, the US Fed and European Central Bank's (ECB) monetary policy, press briefings are expected to influence the bullion prices, Gandhi added.
The focus, however, will remain glued to the highly anticipated Federal Open Market Committee's (FOMC) monetary policy meeting next week, which will play a key role in determining the next leg of a directional move for the non-yielding commodity.
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