Gold prices rose by Rs 250 to Rs 72,800 per 10 grams in the local market, on Monday, driven by higher demand from jewellers. This follows a lower settlement of Rs 72,550 per 10 grams in the previous session.
Meanwhile, in the international markets, Comex gold was trading at $2,461.10 per ounce, a decrease of $8.70 from the previous close.
"Comex gold experienced a volatile session, plummeting sharply before recovering as traders assessed a severe stock sell-off and rising Middle East tensions," Dilip Parmar, research analyst at HDFC Securities, said.
Gold futures fell by Rs 309, or 0.44%, to Rs 69,480 per 10 grams on the Multi Commodity Exchange of India Ltd. The most active October contract touched an intraday low of Rs 69,453 per 10 grams.
Jateen Trivedi, commodity and currency analyst at LKP Securities Ltd., noted that gold has faced resistance during the recent price increases with US interest rates remaining high. "A potential pre-emptive rate cut by the US could boost gold buying, particularly since recent US economic data has been unhelpful."
Trivedi also indicated that gold prices are expected to fluctuate between Rs 69,000 and Rs 71,000, with anticipated volatility in the coming sessions.
Meanwhile, extending its losses for the third straight day, silver prices tumbled by Rs 1,300 to Rs 84,200 per kg on decreased offtake by coin makers and industrial units, according to the All India Sarafa Association. It had ended at Rs 85,500 per kg in the previous session.
Silver was also quoted lower at $27.47 per ounce in New York.
Further, silver contracts for September delivery declined by Rs 2,719 or 3.3% to Rs 79,774 per kg on the MCX.
(With inputs from PTI)
RECOMMENDED FOR YOU
Gold Prices Rise By Rs 500; Silver Prices Rise By Rs 1000
Sep 05, 2024
India Shines At World Deaf Shooting Championship With Gold And Silver Medals
Sep 05, 2024
India Achieves Record Medal Haul In Paralympics
Sep 04, 2024
India's Para-Badminton Star Kumar Nitesh Wins Gold Medal on Paralympic Debut
Sep 02, 2024
POPULAR