Gold futures on MCX fell nearly 1 per cent from record highs due to profit booking, easing geopolitical tensions and a stronger dollar. Gold prices slipped in Mumbai and Delhi, while silver remained largely stable in the Indian market
Representational image. File pic
Gold futures on the MCX dipped close to 1 per cent in the last two days from a record high in the previous session due to profit booking. The sudden dip in gold prices is mostly because of the easing of geopolitical tensions and the strengthening of the dollar.
While things between the United States and the European Union have been easing out since Wednesday after US President Donald Trump softened his tone on the acquisition of Greenland, the prices of the yellow metal on Friday were recorded at Rs 1,56,750 for 10 grams.
MCX gold February futures dipped 0.78 per cent to Rs 1,51,665 per 10 grams. Whereas the MCX silver March futures dipped 0.62 per cent to Rs 3,16,509 per kg, as per IANS.
Gold rates also dropped in the international futures market, with US gold futures consolidating near USD 4,790-USD 4,800 per troy ounce after registering a fresh record high above USD 4,887 earlier in the week on COMEX.
Gold prices in Mumbai
The price of the yellow metal in the financial capital on Friday was recorded at Rs 1,56,750 for 10 grams of 24-carat gold. Whereas, the price of 22-carat gold was recorded at Rs 1,43,700 for 10 grams. While the prices did see a slight dip as compared to the last few days, the demand during the upcoming wedding season is likely to be more for the yellow metal.
Gold prices in Delhi
The national capital on Friday also saw a sudden dip in prices of gold after the global conflicts hinted at easing out. While the demand for the yellow metal is high, the price of 24-carat gold in Delhi stood at Rs 1,56,890 for 10 grams. While the 22-carat gold in Delhi was sold at Rs 1,43,840 for 10 grams.
While commenting on the gold prices, various analysts said that the current dip in gold prices reflects healthy profit-booking amid easing tariff fears, but the broader uptrend remains powerful, as per IANS.
Silver Prices
While the gold in the commodity market experienced nearly a 1 per cent dip in the last two days, prices of silver, on the other hand, did remain almost unchanged. On Friday, silver prices in the Indian market stood at Rs 3,47,100
(With inputs from IANS)
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