Gold slips `110; Silver plunges `600
Gold prices declined by Rs110 to Rs59,240 per 10 grams in the national capital on Friday amid weak global cues, according to HDFC Securities.
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New Delhi: Gold prices declined by Rs110 to Rs59,240 per 10 grams in the national capital on Friday amid weak global cues, according to HDFC Securities .Gold prices declined by Rs110 to Rs59,240 per 10 grams in the national capital on Friday amid weak global cues, according to HDFC Securities.
In the previous trade, the precious metal had ended at Rs59,350 per 10 grams. Silver also plunged by Rs600 to Rs71,500 per kilogram. “Gold edged lower on Friday, with spot gold prices in the Delhi markets trading at Rs59,240/10 gram, down by Rs110 per 10 gram,”Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. Gold prices have corrected following the release of stronger than anticipated US macro data, which reinforced expectations that the Federal Reserve will keep tightening the monetary policy, Gandhi said. According to Jateen Trivedi, VP Research Analyst at LKP Securities, the current gold rate offers an opportunity for investors as the price of yellow metal is expected to rebound by Diwali.
“Considering the current price levels, gold offers a good opportunity for retailers and new investors. By the time of Diwali, it is expected that gold prices could reach around Rs61,850-62,500, which is close to the all-time high.
Gold futures gain on firm demand
Gold prices on Friday increased Rs88 to Rs58,489 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs88 or 0.15 per cent at Rs58,489 per 10 gram in a business turnover of 10,782 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.25 per cent higher at $1,920.20 per ounce in New York. Silver futures on Friday Afell Rs89 to Rs70,235 per kilogram as participants reduced their bets.
Brent crude trades 0.47% higher
Crude oil prices on Friday rose Rs26 to Rs5,967 per barrel in futures trade as participants increased their positions following a firm spot demand. On the MCX, crude oil for July delivery traded higher by Rs26 or 0.44 per cent at Rs5,967 per barrel in 9,722 lots. Analysts said the raising of bets by participants kept Crude oil prices higher in futures trade. Globally, West Texas Intermediate crude oil was up by 0.52 per cent at $72.17 per barrel, while Brent crude traded 0.47 per cent higher at $76.88 per barrel in New York.
