New Delhi, Dec 9 (PTI) Gold prices declined Rs 190 to Rs 78,960 per 10 grams in the national capital on Monday, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity settled at Rs 79,150 per 10 grams on Friday.
However, silver climbed Rs 350 to Rs 93,850 per kg on Monday. The metal had ended at Rs 93,500 per kg in the previous session.
Price of gold of 99.5 per cent purity slipped Rs 190 to Rs 78,560 per 10 grams. On Friday, the yellow metal closed at Rs 78,750 per 10 grams.
Meanwhile, in futures trade on the MCX, gold contracts for February delivery jumped Rs 410 or 0.54 per cent to Rs 77,029 per 10 grams.
“Gold prices surged on MCX, as geopolitical turmoil reignited safe-haven demand. Rebel forces ousted Syria’s President Bashar al-Assad, with reports of Israeli involvement in Syrian territory and Turkey-backed rebel activity escalating tensions.
“Meanwhile, South Korea’s leadership crisis, involving President Yoon Suk Yeol’s criminal investigation and impeachment survival, added to global uncertainty,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
Silver contracts for March delivery advanced Rs 738 or 0.8 per cent to Rs 93,186 per kg on the bourse.
In the overseas markets, Comex gold futures rose USD 14.10 per ounce or 0.53 per cent to USD 2,673.70 per ounce.
“Gold edged higher in the European trading session on Monday, as sentiment was boosted by the expectation of a major announcement from China, which will enhance the outlook for overall demand,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
China’s Politburo said it will implement a more proactive fiscal policy and moderately loose monetary policy next year and will also vigorously boost consumption and expand domestic demand on all fronts.
Furthermore, the demand for safe havens continues to provide support for gold prices, Gandhi said.
Silver also quoted 1.89 per cent higher at USD 32.19 per ounce in the Asian market hours.
The focus of market participants shifted to the US CPI data to be released on Wednesday which will provide more cues on the trajectory of the bullion prices, he added. PTI HG HG SHW
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