Gold prices rise after three days, silver also shines; check latest price
For the last few days, there has been a continuous decline in the prices of gold and silver. However, on Monday, the prices of both metals showed a sharp jump. The price of gold rose by Rs 570 to Rs 78700 per 10 grams. At the same time, due to increased demand from industrial units and coin makers, silver also rose by Rs 1850 to Rs 90000 per kg.
Gold and silver prices saw a sharp rise on Monday. According to the All India Sarafa Association, the price of gold in the national capital rose by Rs 570 to Rs 78,700 per 10 grams. On Friday, this precious metal closed at Rs 78,130 per 10 grams. At the same time, due to increased demand from industrial units and coin makers, silver also rose by Rs 1,850 to Rs 90,000 per kg. In the last trading session, it closed at Rs 88,150 per kg.
The price of 24-carat gold also rose by Rs 570 to Rs 78,300 per 10 grams on Monday. It had closed at Rs 77,730 per 10 grams in the previous session on Friday. Traders said both gold and silver prices moved up due to purchases by stockists and jewelers for the current wedding season.
Gold contracts for the month of February were down Rs 48 or 0.06 percent at Rs 76,372 per 10 grams in futures trading on the Multi Commodity Exchange (MCX) on Monday. While silver contracts for March delivery rose by Rs 637 or 0.72 percent at Rs 89,029 per kg on the commodity exchange. In foreign markets, Comex gold futures declined by $ 6.70 an ounce or 0.25 percent at $ 2,638.40 an ounce.
Rahul Kalantri, Vice President Commodities, Mehta Equities Limited, said, "In a volatile session, gold and silver prices recovered from one-month and three-and-a-half-month lows. The dollar index and bond yields witnessed profit booking, which supported the precious metals." However, Comex silver futures were trading 0.72 percent higher at $30.18 an ounce in the Asian trading session.
Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said that US CB Consumer Confidence data will be released later on Monday. After this, the further direction of gold prices will be decided.
According to Praveen Singh, Associate VP, Fundamental Currencies & Commodities, Mirae Asset Sharekhan, gold may see some upside in the near term. However, the US's excellent third-quarter GDP growth and retail sales (November) data and the US Federal Reserve's hawkish shift will curb the uptrend. Singh says that ETF flows are also not very encouraging.
