NEW DELHI, Jan 20: Gold prices remained flat at Rs 82,000 per 10 grams in the national capital on Monday, according to the All India Sarafa Association.
Traders waited for US President-elect Donald Trump’s inaugural address later on Monday before placing any directional bets, marketmen said.
On Friday, the precious metal surged Rs 700 to settle near a record high at Rs 82,000 per 10 grams. Gold of 99.5 per cent purity traded flat at Rs 81,600 per 10 grams on Monday. On October 31 last year, gold of 99.9 per cent purity and 99.5 per cent purity hit a record high of Rs 82,400 and Rs 82,000 per 10 grams, respectively, in the local markets.
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However, silver prices decreased by Rs 500 to Rs 93,000 per kg from the previous close of Rs 93,500 per kg on Friday.
In futures trade on the MCX, gold contracts for February delivery slipped Rs 62 or 0.08 per cent to Rs 78,961 per 10 grams.
Silver contracts for March delivery depreciated Rs 202 or 0.22 per cent to Rs 91,400 per kg in futures trade on the Multi Commodity Exchange (MCX) on Monday.
Meanwhile, Comex gold futures fell 0.09 per cent at USD 2,746.30 per ounce in the international markets.
According to Kotak Securities, Comex gold futures traded below USD 2,750 ahead of Donald Trump’s inauguration as US president later on Monday.
Recent softer-than-expected US inflation data has fuelled speculation about further Federal Reserve (Fed) rate cuts, a development typically supportive of gold’s appeal as a non-interest-bearing asset, the brokerage firm said.
Mirae Asset Sharekhan’s Associate VP, Fundamental Currencies and Commodities Praveen Singh said the metal is more likely to fall than rise as the US economy is doing well and a minor miss in the US CPI data won’t make any difference in the Fed’s monetary policy stance.
Also, Comex silver futures in the Asian market hours traded 0.13 per cent lower at USD 31.10 per ounce.
“Gold has risen more than 3 per cent and silver by 7 per cent in January till date supported by safe-haven demand amid political and economic uncertainties.”
“The short-term outlook for gold is still favourable due to tariff uncertainty, but maintaining these gains will need further Fed rate cuts and ongoing dollar weakening,” Renisha Chainani, Head of Research at Augmont. (PTI)
