Today’s Gold and Silver Prices in Different Cities
Gold prices traded almost flat at Rs 79,700 per 10 grams in the national capital on Friday, according to the All-India Sarafa Association. The precious metal had closed at Rs 79,720 per 10 grams on Thursday.
New Delhi: Gold prices traded almost flat at Rs 79,700 per 10 grams in the national capital on Friday, according to the All-India Sarafa Association. The precious metal had closed at Rs 79,720 per 10 grams on Thursday.
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Silver Price Drops
Silver saw a decline of Rs 230, settling at Rs 90,400 per kg on Friday. In the previous trading session, silver had closed at Rs 90,630 per kg.
Also Read: Today’s Gold and Silver Prices in Different Cities
Gold with 99.5% Purity Shows Minor Gain
Gold with 99.5% purity rose by Rs 130, reaching Rs 79,300 per 10 grams on Friday. Meanwhile, gold futures on the Multi Commodity Exchange (MCX) for February delivery increased by Rs 6, trading at Rs 77,723 per 10 grams.
Market Analysis and Trends
“Gold traded with minor gains in the domestic market, while Comex gold maintained a sideways trend around USD 2,655 per ounce,” said Jateen Trivedi, VP of Research at LKP Securities. The market is experiencing limited movement as investors await global cues to determine the next trend.
Silver Futures on the Rise
In futures trade on the MCX, silver climbed Rs 517, or 0.58%, to Rs 89,690 per kg. Globally, Comex gold futures rose by USD 2.10 per ounce, or 0.08%, to USD 2,671.10 per ounce.
Global Impact on Gold and Silver Prices
“Gold extended its gains on Friday, buoyed by safe-haven demand following reports that US President Joe Biden discussed contingency plans to strike Iran’s nuclear facilities if Iran makes progress toward developing a nuclear bomb,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
Comex silver futures were quoted 1.05% higher in the Asian market at USD 30.22 per ounce.
Focus Shifting to Geopolitical Tensions and Market Data
According to Manav Modi, Analyst at Motilal Oswal Financial Services Ltd, market participants’ attention is shifting towards geopolitical tensions, which are supporting both gold and the US dollar. The market will also be looking out for US manufacturing PMI data, which will be released later on Friday, offering further direction for bullion prices.
