Gold prices remained stable at ₹82,400 per 10 gram, while silver prices fell by ₹1,500 per kg in the national capital on Thursday, according to the All India Sarafa Association.
The precious metal had fetched ₹1,000 for the first time in Delhi on Wednesday, crossing the ₹82,000 per 10 gram level for the first time.
Gold of 99.5 per cent purity also remained flat at ₹82,000 per 10 gram on Thursday – its all-time high.
However, silver was under selling pressure and fell below the ₹ 1 lakh mark, falling ₹ 1,500 to ₹ 99,500 per kg after five straight days of gains. On Wednesday, it closed at ₹1.01 lakh per kg.
Meanwhile, gold contracts for December delivery in futures trading at the Multi Commodity Exchange (MCX) fell by ₹308 or 0.39 per cent to trade at ₹79,428 per 10 gram.
Silver contracts for December delivery fell by ₹1,016 or 1.04 per cent to ₹96,724 per kg on the exchange.
“Gold prices witnessed mild profit-taking as traders preferred to secure gains from recent rallies ahead of Friday’s key events – the Non-Farm Payroll (NFP) and unemployment reports,” said Jateen Trivedi, VP Research Analyst of Commodity and currency, LKP Securities. , said.
Currently, gold is trading around $79,400 in MCX, facing resistance at $79,600, while Comex is showing a hurdle near $2,790 per ounce. The upcoming US elections next week are expected to be a deciding factor for gold’s trend, with market participants keeping a close eye on the outcome for further direction, Trivedi said.
In international markets, Comex gold futures traded 0.36 percent lower at $2,790.80 an ounce.
“Gold trading is expected to come ahead of the US Non-Farm Payroll and ISM Manufacturing Reports due on Friday, which will provide guidance to the US Fed’s monetary rate path,” said Praveen Singh, Associate VP Fundamental Currencies and Commodities at Sharekhan. of BNP Paribas, said.
Silver also traded 1.28 percent lower to $33.64 an ounce during Asian market hours.
“Going forward, market participants are now awaiting crucial U.S. macroeconomic data, including inflation and nonfarm payrolls reports, which could shed light on the pace of interest rate cuts by the U.S. Federal Reserve.
“Recent data has shown the resilience of the US economy, fueling the ongoing debate on the extent of rate cuts for the rest of the year,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
According to MP Ahammed, chairman of Malabar Group, this festive period has been great for Malabar Gold & Diamonds as it recorded a turnover of ₹3,484 crore this Diwali, up 30 per cent from last year’s ₹2,680 crore.
The growth reflects the revival of demand in the Indian jewelery market, fueled by robust consumer sentiment and a two-day Dhanteras muhurat that provided a wider window for buyers.
The gold sector across the country also saw record sales, with estimates pointing to transactions totaling up to 39 tonnes, or nearly ₹19,500 crore, driven by favorable monsoon conditions, rising gold prices and increasing consumer preference for gold as a stable asset.
