Gold inches closer to Rs 80k-mark; silver at Rs 94,500/kg

Gold deed a grounds precocious of Rs 79,900 per 10 gram connected Friday successful the nationalist capital, rising by Rs 550 connected beardown festive play demand, according to the All India Sarafa Association. The precious metallic of 99.9 per cent purity had closed astatine Rs 79,350 per 10 gram successful the erstwhile commercialized connected Thursday.

Rallying for the 3rd consecutive day, golden of 99.5 per cent purity bounced Rs 550 to deed a caller precocious of Rs 79,500 per 10 gram. It had settled astatine Rs 78,950 per 10 gram successful the erstwhile session.
Meanwhile, metallic leapt Rs 1,000 to Rs 94,500 per kilogram. On Thursday, metallic remained level astatine Rs 93,500 per kg.

In futures trade, golden contracts for December transportation were trading astatine Rs 77,620 per 10 gram connected the Multi Commodity Exchange (MCX). During the day, the golden futures touched a beingness precocious of Rs 77,667 per 10 gram.

Market experts said the request for precious metals has strengthened to a grounds level successful the home market, with a boost successful lawsuit buying during the festival season. Investors are treating the yellowish metallic arsenic harmless haven amid uncertainty owed to ongoing hostility successful the Middle East and upcoming US statesmanlike polls.

On MCX, metallic contracts for December transportation sprung Rs 1,231 oregon 1.34 per cent to Rs 92,975 per kg.

Major Western cardinal bankers are pursuing dovish monetary policy, which besides supports golden prices, Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities, said.

Manav Modi, Senior Analyst - Commodity Research astatine Motilal Oswal Financial Services Ltd, said:"Gold prices deed a grounds connected some Comex arsenic good arsenic connected home beforehand benefiting from safe-haven request with conscionable weeks near to a intimately contested US statesmanlike election, portion an involvement complaint chopped by the European Central Bank besides helped." Globally, Comex golden futures accrued 0.76 per cent to USD 2,728.10 per ounce.

"Gold prices reached an all-time high, surpassing USD 2,700 per ounce fuelled by heightened safe-haven request amid Israel's subject actions successful the Middle East," Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Silver futures climbed 1.70 per cent to USD 32.32 per ounce In the Asian marketplace hours.

Despite beardown US retail income and labour marketplace data, "this robust spot is mostly driven by the anticipation of ongoing involvement complaint cuts successful the US, with further reductions anticipated successful the adjacent future," Jateen Trivedi, VP Research Analyst - Commodity and Currency astatine LKP Securities, said.