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Gold prices appreciated by Rs 250 to hit a new all-time high of Rs 78,700 per 10 grams on Monday due to consistent buying support from jewelers and firm trends in overseas markets.
The precious metal had settled at Rs 78,450 per 10 grams during the previous close on Friday.
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However, silver fell by Rs 200 to Rs 94,000 per kg, compared to Rs 94,200 per kg on Friday, according to the All India Sarafa Association.
Meanwhile, gold of 99.5 per cent purity soared by Rs 200 to hit a record high of Rs 78,300 per 10 grams. The yellow metal had closed at Rs 78,100 per 10 grams in the previous session.
Traders attributed the rise in gold prices to an increase in domestic demand from stockists and retailers.
Furthermore, falling stock markets also contributed to the precious metal’s rally, with investors turning to safe-haven assets such as gold, they added.
During Asian trading hours, Comex gold was trading 0.14 percent higher at USD 2,671.50 an ounce.
“COMEX gold remains stable as muted expectations of aggressive interest rate cuts by the US Federal Reserve counter safe-haven demand amid ongoing tensions in the Middle East.
“Gold prices may continue to trade in a tight range as caution prevails ahead of the next US inflation numbers,” said Kaynat Chainwala, assistant vice president of gold research. commodities at Kotak Securities.
On the other hand, silver fell 0.61 percent to USD 32.20 per ounce in international markets.
Traders lowered their expectations for a 50 basis point interest rate cut in November. Furthermore, escalating tensions in the Middle East increases the risk premium for bullion prices,” said Manav Modi, Senior Analyst – Commodity Research at Motilal Oswal Financial Services Ltd.
According to Pranav Mer, EBG Vice President – Commodity & Currency Research at JM Financial Services, the key events to watch during the week would be the US Consumer Price Index (CPI) and data on consumer sentiment in the second half of the week, as well as an eye on developments in the Middle East conflict that will drive gold prices.
First publication: October 7, 2024 | 4:36 p.m. STI