Gold fell by Rs 200, while silver jumped by Rs 2,400
Delhi Delhi. Gold prices continued to decline for the second consecutive day after falling by Rs 200 to Rs 79,000 per 10 grams in the national capital on Tuesday, according to the All India Sarafa Association. On Monday, the yellow metal of 99.9 percent purity closed at Rs 79,200 per 10 grams. However, silver prices rose by Rs 2,400 to Rs 92,400 per kg, while it had last closed at Rs 90,000 per kg. Traders said the bullish trend in the silver market was mainly driven by industrial demand.
The price of gold of 99.5 percent purity fell by Rs 200 to Rs 78,600 per 10 grams. On Monday, it had closed at Rs 78,800 per 10 grams. Gold contracts for February delivery were trading higher by Rs 146, or 0.19 per cent, at Rs 76,833 per 10 gram in futures trade on the Multi Commodity Exchange (MCX). Silver contracts for March delivery rose by Rs 1,251, or 1.38 per cent, to Rs 92,061 per kg. Globally, Comex gold futures rose $7.40 per ounce, or 0.28 per cent, to $2,665.90 per ounce.
“Gold and silver prices rose in the previous session, weighed down by a strengthening dollar after US President-elect Donald Trump threatened to impose heavy tariffs on BRICS countries to prevent them from finding alternatives to the dollar,” said Manav Modi, commodity research analyst at Motilal Oswal Financial Services Ltd. Trump’s threat hurt the bloc’s currencies and pushed the dollar higher. Traders feared even more protectionist policies from the US. This led to further depreciation in the rupee to its lowest level ever, Modi said. He said signs that the Israel-Hezbollah ceasefire may continue also dampened safe-haven demand for gold, although some safe-haven buying continued due to rising tensions between Russia and Ukraine.
