Gold prices retreated from record highs by plunging Rs 1,000 to Rs 1,06,070 per 10 grams in the national capital on Thursday, as traders booked profits in tandem with a weak trend in global markets.The precious metal of 99.9 per cent purity had settled at Rs 1,07,070 per 10 grams, its all-time high level on Wednesday.
-1756978421372_d.png "Gold drops Rs 1,000 to Rs 1.06 lakh/10 g on profit booking, global jitters")
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Gold prices retreated from record highs by plunging Rs 1,000 to Rs 1,06,070 per 10 grams in the national capital on Thursday, as traders booked profits in tandem with a weak trend in global markets.
The precious metal of 99.9 per cent purity had settled at Rs 1,07,070 per 10 grams, its all-time high level on Wednesday.
Gold of 99.5 per cent purity also witnessed a pullback, depreciating Rs 1,000 to Rs 1,05,200 per 10 grams (inclusive of all taxes) on Thursday. It had closed at Rs 1,06,200 per 10 grams in the previous market session, according to the All India Sarafa Association.
Silver too slipped from its record levels as investors booked profits at higher levels. The white metal fell Rs 500 to Rs 1,25,600 per kilogram (inclusive of all taxes) on Thursday.
In the previous session, it had ended at its lifetime high of Rs 1,26,100 per kg.
In the overseas market, spot gold prices also corrected after scaling historic highs. The precious metal dropped USD 39.61, or 1.10 per cent, to USD 3,539.14 per ounce. On Wednesday, it had touched an all-time high of USD 3,578.80 per ounce in New York.
"Gold prices fell over 1 per cent on profit-taking, following the recent surge. However, prices have since recovered to around USD 3,540 per ounce, ahead of key US macroeconomic data releases, including private payrolls and weekly jobless claims.
"The US jobs report due on Friday is expected to show a fourth straight month of subdued payroll growth. If the data come in weaker than anticipated, it may boost the case for deeper interest rate cuts by the US Federal Reserve in the coming months," Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
Spot silver was trading 0.70 per cent lower at USD 40.93 per ounce
Despite Thursday's decline, commodities market experts noted that bullion prices continue to trade at elevated levels amid geopolitical tensions, expectations of interest rate cuts by the US Federal Reserve, and festive demand prospects in India.
"Gold and silver continued to be supported by these additional uncertainties, which also included anxieties about debt and the independence of the Federal Reserve," Renisha Chainani, Head - Research at Augmont, said.
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