Gold prices surged last week on safe-haven buying and a weaker dollar but slipped from weekly highs after the US shutdown ended. On Monday, 24-carat gold was Rs 1,25,210 in Mumbai, with Delhi and Kolkata also seeing marginal corrections. Analysts expect short-term softness amid global cues
Representational Image. File Pic
The price of 24-carat gold (10 grams) surged by Rs 4,694 last week, supported by safe haven buying and a decline in the dollar, but fell from a weekly high on Friday after the end of the US government shutdown.
The price of 10 grams of 24-carat gold in Mumbai on Monday at the time of writing was recorded at Rs 1,25,210.00. While the prices since the last few months have been increasing, the demand for the yellow metal has also been surging amid the festival and wedding season.
As reported by IANS, gold prices in India on Friday last week witnessed one of their sharpest intraday falls, by nearly Rs 5,000 per 10 grams; it hit the day's low of Rs 1,21,895 but gained later in the day, signifying a solid demand and support price for gold.
Moreover, the yellow metal prices mirrored the softer trend in international markets, where they were down by USD 127 per troy ounce, as traders reacted to fading expectations of a near-term US Federal Reserve rate cut, reported IANS.
Gold Prices in Mumbai
While 24-carat price for 10 grams of gold was recorded at Rs 1,21,895, the 22-carat gold during the early hours of Monday was priced at Rs 1,14,780 for 10 grams.
Gold Price in Delhi
The national capital is one of the jewellery shopping hubs across the nation. The prices of gold in Delhi have been marginally corrected on Monday. The price of 24-carat gold was recorded at Rs 1,25,350 for 10 grams. At the same time, the 22-carat gold price was recorded at Rs 1,14,920.
Gold Prices in Kolkata
Kolkata has been a place that offers some really mesmerising jewellery, thanks to the sheer craftsmanship offered by the local artisans. Known for great gold craftsmanship on gold jewellery, the price of gold saw a marginal decrease on Monday in Kolkata. The 24-carat gold prices in Kolkata were recorded at Rs 1,25,190 for 10 grams. At the same time, the 22-carat gold prices were recorded at Rs 1,14,760.
Analysts said that precious metals were poised for their strongest weekly performance in a month, driven by uncertainty from missing US economic data, which has increased safe-haven demand.
Gold, however, declined last week after the end of the US government shutdown, which in turn faded concerns about economic disruption, reported IANS.
Analysts said that gold has support at the Rs 1,25,750-124,980 zones while resistance is at Rs 1,27,750-128,400. Silver has support at Rs 1,60,950-1,59,400, while resistance is at Rs 1,63,850-1,64,900, reported IANS.
They forecast the current softness in bullion to continue in the near term, until there is a renewed surge in safe-haven buying or a clear shift in the Federal Reserve’s policy tone.
(With inputs from IANS)
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