Gold hits all-time high of Rs 78,450 per 10 grams on festive demand | commodities

Bullion traders attributed the rise in precious metal prices to the emergence of buying by jewelers and retailers, spurred by the ongoing ‘Navratri’ festival.

In futures trading on the Multi Commodity Exchange (MCX), gold contracts for December delivery rose by Rs 131, or 0.17%, to Rs 76,375 per 10 grams, near an all-time high.

“Silver witnessed steady moves as participants widened their bets on firm demand on sight seen in physical markets following the start of the festive season in India,” said Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers.

Silver contracts for December delivery rose by Rs 219 or 0.24% to Rs 93,197 per kg on MCX.

“Comex silver futures suggest that prices remain firm towards the start of next week, new highs may be tested in the coming sessions,” Sharma added.

In Asian trading hours, Comex gold is trading at $2,678.90 an ounce.

“Gold prices continue to trade flat as demand for a safe haven from rising Middle East tensions offset pressure from a stronger dollar after investors scaled back expectations of another major interest rate cut by the Federal Reserve in US,” Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd, said.

However, silver was quoted lower at $32.37 an ounce in overseas markets.

“Traders await the US labor market report, due later Friday, to gauge the health of the labor market, which could influence the future path of the Fed’s policy rate,” Saumil said Gandhi, Senior Commodity Analyst at HDFC Securities. .

First publication: 04 October 2024 | 17:46 IST