Weakness in the rupee boosted demand for safe-haven assets like gold.
In the national capital on Friday, the price of gold jumped by Rs 350 to Rs 79,200 per 10 grams. On Thursday, the yellow metal closed at Rs 78,850 per 10 grams. According to the All India Bullion Association, the price of gold of 99.5 percent purity increased by Rs 350 to Rs 78,800 per 10 grams on Thursday from the previous closing price of Rs 78,450 per 10 grams. According to PTI news, traders said geopolitical tensions arising from the Russia-Ukraine war and tensions in the Middle East have also strengthened safe haven investments.
gold in futures trading today
According to the news, gold prices got support due to continuous buying by jewelers and fall in rupee. Traders highlighted that rupee weakness boosted demand for safe-haven assets like gold. Gold contracts for February delivery fell by Rs 56, or 0.07 per cent, to Rs 76,771 per 10 grams in futures trade on the Multi Commodity Exchange (MCX) on Friday.
What do experts say
Globally, gold prices declined on Friday amid thin trading following the Christmas holidays as the market remained cautious on key policy changes including tariff, regulation and tax changes in 2025, said Manav Modi, Commodity Research Analyst at Motilal Oswal Financial Services Ltd. Are preparing for changes as Donald Trump returns to the White House in January.
According to Angel One analyst Saish Sandeep Sawant Desai, the US Federal Reserve (Fed) aggressively cut interest rates in September, November and December and has hinted at fewer cuts in 2025 due to stubborn inflation. Higher rates increase the opportunity cost of holding non-yielding bullion.
Latest Business News
