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There was a decline in the price of gold today. Gold prices declined by Rs 100 to Rs 78,700 per 10 grams due to weak demand from jewelers and coin makers. All India Bullion Association gave this information. On Thursday, the price of gold of 99.5 percent purity fell by Rs 400 to Rs 78,300 per 10 grams. On Wednesday, the price of gold of 99.9 per cent and 99.5 per cent purity closed at Rs 78,800 and Rs 78,700 per 10 grams respectively.
Considerable fluctuations in the price of gold
Traders said sentiment here weakened in line with a strong trend overseas amid uncertainty over the impact of US President-elect Donald Trump’s tariff plans on economic prospects and the Federal Reserve’s (Fed) interest rate outlook. Research Analyst Jatin Trivedi, Vice President (Research Analyst – Commodity and Currency) at LKP Securities, said, “There was a lot of volatility in gold prices. It got off to a weak start but quickly found support amid renewed tensions between Russia and Ukraine, prompting safe-haven investment.
He said, “Gold’s movement will remain uncertain in the short term due to the movement of the dollar index and the global situation.” In the Asian market, Comex gold futures were up by $ 8.20 an ounce or 0.31 percent at $ 2,673 an ounce. Meanwhile, in the international market, Comex silver futures fell 0.15 percent to $ 30.51 an ounce.
Gold futures prices fall
Gold prices fell by Rs 141 to Rs 76,375 per 10 grams in futures trade on Thursday amid weak global cues. On the Multi Commodity Exchange, the price of the contract for delivery in December fell by Rs 141, or 0.18 percent, to Rs 76,375 per 10 grams. 11,730 lots were traded in this. Market analysts said gold futures prices fell due to a weak trend in global markets. Globally, gold prices in New York fell 0.09 percent to $ 2,633.73 an ounce.
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