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Gold Trades Flat; Silver Declines Rs 300

Gold Trades Flat; Silver Declines Rs 300

Gold Trades Flat; Silver Declines Rs 300
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7 Dec 2024 IST

New Delhi: Gold prices traded flat at Rs79,150 per 10 grams in the national capital on Friday, according to the All India Sarafa Association. However, silver declined Rs300 to Rs93,500 per kg. The white metal closed higher at Rs93,800 per kg on Thursday. Price of gold of 99.5 per cent purity also remained flat at Rs78,750 per 10 grams on Friday. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery rose Rs181, or 0.24 per cent, to trade at Rs76,657 per 10 grams. “Gold traded with minor gains on the MCX, as markets await key non-farm payroll and unemployment data later this evening.

“These metrics are crucial for shaping the Fed’s policy outlook. While gold maintains a positive trajectory,” Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said. In the international markets, Comex gold futures rose 0.42 per cent at $2,659.60 per ounce. Silver also traded 0.62 per cent higher at $31.73 per ounce in the Asian market hours.

Silver contracts for March delivery climbed Rs426, or 0.46 per cent, to quote at Rs92,850 per kg. “Stronger-than-expected US macroeconomic data might push the Fed to pause rate cuts this month, which may negatively impact gold prices. “On the other hand, lower than expected data could lead to a spike in gold prices,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Gold prices Silver prices MCX futures US economic data Commodity market analysis 
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