Gold trades flat at Rs 82,400 per 10 gm; silver plunges Rs 1,500

Gold prices traded level astatine Rs 82,400 per 10 grams portion metallic prices dropped by Rs 1,500 per kg successful the nationalist superior connected Thursday, according to the All India Sarafa Association.

The precious metallic had rallied Rs 1,000 to breach the Rs 82,000 per 10 grams level for the archetypal clip successful Delhi connected Wednesday.

Gold of 99.5 per cent purity besides ruled level astatine Rs 82,000 per 10 grams -- its all-time precocious level -- connected Thursday.

However, metallic was nether selling unit and fell beneath the Rs 1 lakh mark, declining by Rs 1,500 to Rs 99,500 per kg aft 5 consecutive days of gains. It had closed astatine Rs 1.01 lakh per kg connected Wednesday.

Meanwhile, successful futures commercialized connected the Multi Commodity Exchange (MCX), golden contracts for December transportation declined Rs 308 oregon 0.39 per cent to commercialized astatine Rs 79,428 per 10 grams.

Silver contracts for December transportation plunged Rs 1,016 oregon 1.04 per cent to Rs 96,724 per kg connected the bourse.

"Gold prices witnessed flimsy profit-taking arsenic traders preferred to unafraid gains from caller rallies up of Friday's cardinal events -- the Non-Farm Payroll (NFP) and unemployment reports," Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.

Currently, golden is trading astir astatine Rs 79,400 successful MCX, and facing a absorption astatine Rs 79,600, portion Comex shows a hurdle adjacent USD 2,790 per ounce. The upcoming US predetermination adjacent week is expected to beryllium a decisive origin for gold's trend, with marketplace participants intimately watching its result for further direction, Trivedi said.

In the planetary markets, Comex golden futures trading 0.36 per cent little to USD 2,790.80 per ounce.

"Gold is expected to scope commercialized up of the US nonfarm payroll and ISM manufacturing reports slated to beryllium released connected Friday which volition supply directions for the US Fed monetary argumentation involvement path," Praveen Singh, Associate VP of Fundamental Currencies and Commodities astatine Sharekhan by BNP Paribas, said.

Silver besides traded 1.28 per cent little to USD 33.64 per ounce successful the Asian marketplace hours.

"Moving forward, marketplace participants are present awaiting important US macroeconomic data, including ostentation and Nonfarm payroll reports, which could shed airy connected the gait of the US Federal Reserve's involvement complaint cuts.

"Recent information has indicated the resilience of the US economy, fueling the ongoing statement implicit the size of involvement complaint Cuts for the remainder of the year," Saumil Gandhi, Senior Analyst - Commodities astatine HDFC Securities, said.

According to MP Ahammed, Chairman, Malabar Group, this festive play has been a large 1 for Malabar Gold & Diamonds, arsenic it recorded a turnover of Rs 3,484 crore this Diwali, a 30 per cent emergence implicit past year's Rs 2,680 crore.

The maturation reflects the resurgence of request successful the Indian jewellery market, fuelled by robust user sentiment and a two-day Dhanteras muhurat that allowed a larger model for buyers.

The golden assemblage nationwide saw record-breaking income arsenic well, with estimates suggesting transactions totaling up to 39 tonnes, oregon astir Rs 19,500 crore, driven by favorable monsoon conditions, rising golden prices, and expanding user penchant for golden arsenic a unchangeable asset.