Gold Declines Rs 640 To Rs 1,29,460/10g Amid Weak Global Cues
On the global front, spot gold slipped by $5.60, or 0.13%, to $4,158.38 per ounce.
Gold prices declined by Rs 640 to Rs 1,29,460 per 10 grams in the national capital on Thursday due to poor offtake by stockists and retailers amid weak global trends, according to the All India Sarafa Association.
The precious metal of 99.5% purity decreased by Rs 640 to Rs 1,28,860 per 10 grams (inclusive of all taxes).
"Gold edged lower in range-bound trading on Thursday. Easing geopolitical tensions, driven by progress toward a potential Russia-Ukraine peace deal, which reduced the geopolitical risk premium and prompted some profit-taking," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
However, silver prices surged by Rs 5,100 to Rs 1,68,200 per kilogram (inclusive of all taxes), marking its gains for the third consecutive session, as per the association.
The white metal has risen by Rs 13,200 in the past three sessions from Rs 1,55,000 per kg on Monday.
On the global front, spot gold slipped by $5.60, or 0.13%, to $4,158.38 per ounce.
Gandhi further stated that market participants are now awaiting fresh triggers to provide directional bias. Meanwhile, the holiday season in the US also contributed to muted price action, with trading volumes expected to remain subdued as US markets are closed on Thursday for the Thanksgiving holiday.
Spot silver was trading marginally higher at $53.39 an ounce in the overseas trade.
Silver is showing renewed strength and regaining bullish momentum, supported by fresh supply concerns stemming from China, he said.
"The global silver market is facing new pressure after Chinese stockpiles fell to their lowest level in a decade, with significant volumes recently shipped to London to ease a supply squeeze that had pushed prices to record highs.
"Inventories at Shanghai Futures Exchange-linked warehouses have now declined to their lowest levels since 2015," he added.
