Gold prices decline by Rs 1,150 to Rs 78,350 per 10 grams

NEW DELHI: Gold prices declined Rs 1,150 to Rs 78,350 per 10 grams in New Delhi on Monday majorly due to extensive selling by stockists and retailers, according to the All India Sarafa Association. The 99.9 per cent pure gold had previously closed at Rs 79,500 per 10 grams on Friday.
Additionally, Silver prices also reduced by Rs 300 to Rs 92,500 per kg. It closed at Rs 92,800 per kg in the previous trading session and declined Rs 4,500 per kg in the last two trading sessions.
Meanwhile, gold prices of 99.5 per cent purity reduced by Rs 1,150 to Rs 77,950 per 10 grams on Monday.
Market participants indicated negative sentiment primarily due to uncertainties regarding US President-elect Donald Trump’s economic policies, which could potentially strengthen the US dollar.
On the MCX, gold futures for February delivery increased by Rs 143, or 0.19 per cent, reaching Rs 77,279 per 10 grams. The precious metal fluctuated between Rs 76,904 and Rs 77,295 per 10 grams during trading hours.
“Gold traded within a volatile range, continuing last week’s up-and-down swings as markets brace for a series of major economic events this week,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.
March delivery silver futures increased by Rs 319, or 0.35 per cent, to Rs 91,320 per kg on the commodities exchange.
International Comex gold futures increased by $2.70 per ounce, or 0.10 per cent, to $2,678.50 per ounce.
“Safe haven demand continues to provide support for gold and limit downside due to ongoing geopolitical tensions in the Middle East, particularly after Israel carried out air and ground attacks in Gaza,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
Flash PMIs from the United States and the Eurozone, scheduled for later Monday, could influence market sentiment and affect bullion volatility, Gandhi noted.
“Gold prices are likely to trade steady and may see some consolidation as focus turns on the key central bank policy meeting outcome starting with Fed on Wednesday, followed by Bank of Japan/ Bank of England on Thursday and People’s Bank of China (PBoC) on Friday,” said Pranav Mer, Vice President, EBG, Commodity & Currency Research, JM Financial Services.
Silver traded at $31.11 per ounce in Asian markets, up by 0.26 per cent.
The World Gold Council forecasts slower price increases for the precious metal in 2025 following this year’s record performance. Growth and inflation factors may moderate next year’s gains.