Today’s Gold and Silver Prices in Different Cities
This marks a positive movement in gold prices following a previous close of Rs 79,200 per 10 grams on Friday.
New Delhi: Gold prices rose by Rs 150 to Rs 79,350 per 10 grams in the national capital on Monday, according to the All-India Sarafa Association.
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This marks a positive movement in gold prices following a previous close of Rs 79,200 per 10 grams on Friday.
Also Read: Today’s Gold and Silver Prices in Different Cities
Gold Price Trends and Market Outlook
Despite the rise in gold prices, traders suggest that the upside potential for gold appears to be limited in the short term. Market participants are focusing on Trump’s tariff measures and economic policies, which could influence the price of the precious metal in the coming year.
The price of gold 99.5% purity increased by Rs 150, reaching Rs 78,950 per 10 grams, compared to Rs 78,800 per 10 grams on Friday. However, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery saw a slight dip of Rs 41, or 0.05%, settling at Rs 76,503 per 10 grams.
Silver Prices Remain Unchanged
Silver, on the other hand, traded flat at Rs 91,700 per kg on Monday, showing no significant change from the previous session.
Futures prices for silver on the commodities exchange saw a modest increase. Silver contracts for March delivery rose by Rs 60, or 0.07%, to Rs 88,947 per kg.
Global Market Influences
In international markets, Comex gold futures experienced a slight decline of USD 5.70 per ounce, or 0.22%, to USD 2,626.20 per ounce. Analysts suggest that gold prices will likely continue to consolidate this week, with a lack of fresh market triggers due to low trading volumes during the New Year holiday period.
The stronger US dollar, trading near the 108-levels, is expected to limit any significant upward movement in gold prices in the short term.
Comex silver futures, however, remained unchanged at USD 29.96 per ounce during Asian market hours.
Market Insights
Analysts, including Jateen Trivedi, VP Research Analyst of LKP Securities, suggest that gold trading is expected to remain in a sideways range of Rs 76,400 to Rs 76,750 on MCX, with limited participation during the festive season.
On the other hand, Saumil Gandhi, Senior Analyst at HDFC Securities, notes that apart from manufacturing PMI data from Asia, the Eurozone, and the US, there is little major economic data scheduled for this week, leading to calm markets and low trading volumes overall.
