Gold declines, silver up
Futures ease as speculators offload positions
image for illustrative purpose
New Delhi: Gold in the national capital on Thursday declined Rs 294 to Rs 45,401 per 10 gram reflecting overnight fall in international precious metal prices and rupee appreciation. In the previous trade, the precious metal had settled at Rs 45,695 per 10 gram. In contrast, silver gained marginally by Rs 26 to Rs 59,609 per kilogram from Rs 59,583 per kilogram in the previous trade. "Spot gold prices for 24 carats in Delhi were down by Rs 294 reflecting overnight fall in COMEX gold prices and rupee appreciation," according to HDFC Securities, senior analyst (commodities), Tapan Patel.
The Indian rupee appreciated 10 paise to 73.77 against the US dollar in opening trade on Thursday. In the international market, both gold and silver were flat at $1,768 per ounce and $22.78 per ounce, respectively. "Gold prices traded steady with spot gold prices at COMEX trading at $1,768 per ounce on Thursday," Patel added. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services, "Gold prices inched lower after an initial appreciation amidst the Fed's slightly hawkish statements." The US Federal Reserve said it will likely begin reducing its monthly bond purchases as soon as November and signalled interest rate increases may follow more quickly than expected. Gold futures fell Rs297 to Rs 46,375 per 10 grams on MCX, as speculators reduced their positions amid low demand.
On the Multi Commodity Exchange, gold contracts for the October traded lower by Rs 297, or 0.64 per cent, to Rs 46,375 per 10 grams in a business turnover of 6,594 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. Globally, gold traded 0.57 per cent lower to $1,768.60 an ounce in New York. Silver futures dropped Rs 290 to Rs 60,890 per kg, as participants reduced their bets on low demand. On MCX, silver contracts for the December delivery tumbled by Rs 290, or 0.47 per cent, to Rs 60,890 per kg in a business turnover of 3,504 lots. The metal traded lower by 0.47 per cent at 422.80 per ounce in New York.
