The two-day falling trend in gold was broken on Tuesday. Gold rose by Rs 950 to Rs 79,300 per 10 grams on December 17. All India Bullion Association gave this information on Tuesday.
The precious metal of 99.9 percent purity closed at Rs 78,350 per 10 grams on Monday. The rise in gold prices was due to fresh buying by jewelers at existing levels to meet wedding season demand, PTI reported. The price of gold of 99.9 percent purity was recorded at Rs 78,350 per 10 grams on Monday.
According to the news, on Tuesday, the price of gold of 99.5 percent purity increased by Rs 950 to Rs 78,900 per 10 grams. In the last trading session, this yellow metal had closed at Rs 77,950 per 10 grams. Traders said buying by jewelers during the wedding season has revived demand for the precious metal as a safe-haven investment.
Price in futures trading today
Gold contracts for February delivery fell by Rs 410 to Rs 76,651 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). The US Federal Reserve, which begins its two-day monetary policy meeting on Tuesday, is expected to announce an interest rate decision, which could have an impact on gold’s overall performance next year. In international markets, Comex gold futures fell by $15.50 an ounce or 0.58 percent at 2,654. Came to $50 per ounce.
Expert opinion
Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said the Fed’s policy meeting outcome has increased caution among market participants, which led to weakness in gold prices on COMEX and also on MCX. Long positions were cut ahead of the last policy announcement this year, with expectations that further guidance on rate cuts may remain unclear. Trivedi said lack of clarity affected perception. Gold prices remained steady as mixed US data increased uncertainty about future interest rate cuts.
These figures will have an impact on gold
Abans Holdings Chief Executive Officer Chintan Mehta said traders will focus on the US Federal Reserve’s monetary policy announcement and monetary outlook to 2025 the day after tomorrow, while keeping an eye on the weekly unemployment claims data. The US will release retail sales and industrial production data on Tuesday, which is likely to cause short-term volatility in the gold market. However, the primary focus will remain on Wednesday’s Fed rate policy, said Saumil Gandhi, senior analyst (commodities), HDFC Securities.
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