Gold, Silver Prices Decline Marginally On Weak Global Cues

Gold, Silver Prices Decline Marginally On Weak Global Cues

In the spot market, fine gold with purity of 24 carat was priced at Rs 48,050 per 10 grams.

Gold and silver prices declined marginally on Thursday amid weak trend for the precious metals in the international markets. Gold futures for delivery in October declined as much as 0.13 per cent to hit an intraday low of Rs 47,831 on the Multi Commodity Exchange. In the spot market, fine gold with purity of 24 carat was priced at Rs 48,050 per 10 grams, gold with purity of 22 carat was retailed at Rs 46,420, 18 carat gold was priced at Rs 38,440 and 14 carat gold was being sold at Rs 31,950, according to India Bullion & Jewellers Association (IBJA).

Gold in international markets gave up gains as comments from a top Us Federal Reserve official and record US services industry activity data shifted concerns back to the Federal Reserve potentially easing asset purchases later in the year.

Spot gold was flat at $1,810.71 per ounce, while US gold futures fell 0.2 per cent to $1,811.20.

Bullion had jumped more than 1 per cent to push towards $1,830 earlier in the session after weaker than expected ADP jobs data.

“COMEX gold trades marginally lower near $1812/oz after a near flat close yesterday. Gold is pressurized by firmness in the US dollar amid some hawkish Fed comments. Weaker investor interest and slack retail buying has also put pressure on price. However, supporting price is safe haven buying amid rising virus cases, uneven economic recovery and concerns about Chinese economy. Gold may continue to waver amid choppy equities however increasing economic uncertainty may keep prices supported,” Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities said.

Meanwhile, silver futures for delivery in September fell as much as 0.3 per cent to Rs 67,398 per kilogram on the Multi Commodity Exchange. In the spot market, silver was priced at Rs 68,241 per kilogram, according to IBJA.

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