In futures trade on MCX, gold contracts for February delivery fell by Rs 41, or 0.05 per cent, to Rs 76,503 per 10 grams.
The price of gold in the national capital rose by Rs 150 to Rs 79,350 per 10 grams on Monday. In the last trading session on Friday, the price of gold had closed at Rs 79,200 per 10 grams. According to All India Bullion Association, the price of gold of 99.5 percent purity increased by Rs 150 to Rs 78,950 per 10 grams. In the last session, it stood at Rs 78,800 per 10 grams. Traders said the bullish potential for gold in the near term is limited, as market participants are mainly focused on Trump’s tariff measures and economic policy, which could determine the direction of the metal next year, PTI reported.
gold in futures trading today
According to the news, gold contracts for February delivery fell by Rs 41, or 0.05 per cent, to Rs 76,503 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). In MCX, gold is trading in the range of Rs 76,400-76,750. In international markets, Comex gold futures fell $5.70 an ounce, or 0.22 percent, at 2,626. It became $20 per ounce.
What do experts say
With global markets entering the holiday period for New Year celebrations, trading volumes were low, and market activity was subdued. Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said the sideways movement is likely to continue in the short term due to limited participation during the festive season. Gold prices may see continued strength this week due to lack of new triggers as major players are still away from the international market due to New Year holidays.
Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, said bullion remained limited as it traded near 108 levels against the dollar. Saumil Gandhi, senior analyst – commodities at HDFC Securities, said investors expect quiet markets with overall low trading volumes.
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