NEW DELHI, Dec 30 : Gold prices rose Rs 150 to Rs 79,350 per 10 grams in the national capital on Monday, according to the All India Sarafa Association.
Traders said the potential for upside appears to be limited for gold in the short term, as the market participants are primarily focused on Trump’s tariff measures and economic policy, which could determine the direction of the metal next year.
The precious metal settled at Rs 79,200 per 10 grams in the previous trading session on Friday.
However, silver traded flat at Rs 91,700 per kg on Monday.
The price of gold of 99.5 per cent purity appreciated by Rs 150 to Rs 78,950 per 10 grams against the previous close of Rs 78,800 per 10 grams on Friday.
Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery slipped Rs 41 or 0.05 per cent to Rs 76,503 per 10 grams.
“Gold trading within the range of Rs 76,400–76,750 in MCX. With global markets entering the holiday period for New Year celebrations, trading volumes were thin, and market activity was subdued.
“The sideways movement is likely to persist in the short-term due to the limited participation during the festive season,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
However, silver contracts for March delivery rose Rs 60 or 0.07 per cent to Rs 88,947 per kg in futures trade on the commodities exchange.
In international markets, Comex gold futures fell USD 5.70 per ounce or 0.22 per cent to USD 2,626.20 per ounce.
“Gold prices are likely to see continued consolidation this week, amid lack of fresh triggers as major participants are still away due to new year holiday in the international market, while upside in the bullion limited due higher dollar that is trading near 108-levels,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, said.
Comex silver futures, however, traded flat at USD 29.96 per ounce in the Asian market hours.
“On the macro front, except for manufacturing PMI data from Asia, the Eurozone, and the US, there is no major data schedule for this week. Investors anticipate calm markets with low trading volumes overall,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities. (PTI)
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