New Delhi- Gold and silver prices saw notable volatility this week, driven by easing global trade tensions, a stronger US dollar index, and diminishing expectations of a December rate cut by the US Federal Reserve.
According to the Indian Bullion and Jewellers Association (IBJA), 24-carat gold closed at Rs 1,22,653 per 10 grams on Friday — up Rs 221 from Monday’s price of Rs 1,22,432. Over the week, gold hit a low of Rs 1,21,691 on Tuesday and a high of Rs 1,23,388 on Wednesday.
Silver, on the other hand, ended the week at Rs 1,51,129 per kg, marking a decline of Rs 3,804 from Monday’s Rs 1,54,933 per kg.
Ponmudi R, CEO of Enrich Money, noted that despite a healthy correction, gold continues to hold a strong bullish structure. “COMEX gold closed at $4,079.5, while MCX gold settled around Rs 1,24,191, finding support precisely on the multi-month rising trendline,” he said.
He added that silver also underwent a sharp but healthy correction across both COMEX and MCX, yet the overall uptrend remains intact.
However, gold prices dipped sharply on Friday following stronger-than-expected US September jobs data, which further dampened hopes of a near-term Fed rate cut.
On the Multi-Commodity Exchange (MCX), December gold futures were down 0.87% (Rs 1,067) at Rs 1,21,697 per 10 grams as of 12:43 p.m. MCX Silver December contracts dropped 2.17% (Rs 3,349) to Rs 1,50,802 per kg.
Meanwhile, IBJA reported the price of 24-carat gold at Rs 1,22,149 per 10 grams on Friday, lower than Thursday’s Rs 1,22,881.
Jateen Trivedi of LKP Securities said gold traded with high volatility, noting that COMEX gold fell 1% to $4,035, while MCX gold rose Rs 300 due to a nearly 1% depreciation in the rupee from 88.70 to 89.60.
He expects gold to remain volatile within the Rs 1,20,000–Rs 1,24,000 range in the near term.
With inputs from IANS