Gold rises Rs 300; silver trades flat
New Delhi: Gold prices rose by Rs 300 to Rs 1,48,300 per 10 grams in the national capital on Friday due to buying from retailers and jewellers, local traders said. The yellow metal of 99.9 per cent purity had closed at Rs 1,48,000 per 10 grams in the preceding session. Silver remained flat at Rs 2,24,700 per kilogram. In the international markets, spot gold slipped $48.28, or 1.18 per cent, to $4,055.56 per ounce and silver dropped nearly 2 per cent to $57.98 an ounce. Traders said continuous purchases by retailers and jewellers supported domestic gold prices despite weak global prices, while silver traded in a narrow range. “Spot gold is easing back from Thursday’s highs, slipping below $4,060 per ounce as the dollar claws back ground, while silver has cooled too, hovering near $58,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities. According to analysts, the rebound in the crude oil prices, also curbed investors’ appetite for precious metals in the overseas markets. Brent oil futures rose nearly 1 per cent to $89.69 per barrel, and West Texas Intermediate advanced to $84.16 a barrel in New York, reviving inflation concerns and limiting bullion’s upside. “Investors are awaiting the University of Michigan consumer sentiment and inflation expectation numbers, along with the second-quarter Employment Cost Index, for fresh cues on the US economic outlook. “The data will provide further insights into the Federal Reserve’s monetary policy trajectory and the near-term direction of bullion prices,” Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.
Gold futures drop on low demand
Gold prices dropped by Rs 818 to Rs 1,44,022 per 10 grams in futures trade amid a fall in spot demand. On the Multi Commodity Exchange, yellow metal contracts for the October delivery traded lower by 0.56 per cent in a business turnover of 683 lots. Analysts attributed the decline in precious metal prices to weaker spot demand. Globally, gold futures were trading 0.69 per cent down at $4,075 per ounce in New York.
Silver futures fall on weak cues
Silver prices fell by Rs 817 to Rs 2,19,150 per kilogram in futures trade as participants reduced their bets. Silver contracts for September delivery declined by 0.37 per cent in 456 lots. Analysts said a sell-off by participants mainly weighed on silver prices. Globally, the white metal was trading 0.70 per cent down at $58.57 per ounce in New York.