Good News: Ahead of Dhanteras Rate of Gold Declines Rs 400 Per 10 Gram | CHECK PRICE

1 day before festival of Dhanteras Gold prices in country fell Rs 400 to Rs 81,100 per 10 grams in national capital on Monday amid weak trends in overseas markets, according to All India Sarafa Association. precious metal of 99.9 percent and 99.5 percent purity h revisited its all-time of Rs 81,500 and Rs 81,100 per 10 grams, respectively, on Saturday.

However, Silver Remained Flat At Rs 99,500 Per Kg.

Meanwhile, gold of 99.5 percent purity declined Rs 400 to Rs 80,700 per 10 grams on Monday.

Ease in demand by jewellers and stockists in local markets amid sluggish trend in global markets led to a decline in gold prices, trers said. Meanwhile, in futures tre on Multi Commodity Exchange (MCX), gold contracts for December delivery decreased Rs 312, or 0.4 per cent, to Rs 78,220 per 10 grams.

"Gold prices experienced a decline at beginning of week, and weakened by Comex, as profit booking emerged amid signs of de-escalation in Israel-Iran conflict," Jateen Trivedi, VP Research Analyst -- Commodity and Currency, LKP Securities, said.

Silver contracts for December delivery plunged Rs 585, or 0.6 per cent, to Rs 96,549 per kg on exchange. According to Motilal Oswal Financial Services Ltd, silver will outperform gold in medium to long term. Silver will reach target of Rs 1.25 lakh per kg on MCX and USD 40 per ounce on Comex in next 12-15 months.

Globally, Comex Gold Futures Declined 0.38 Per Cent To Usd 2,744 Per Ounce.

Gold edges fell on Monday amid reports of fall in demand from world's largest gold consumer -- China -- in first three quarters of 2024, compared to same period a year ago, trers said. "Gold prices resumed tring on a weaker note on Monday due to a declining safe haven demand," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. 

Investors found relief in less severe attack on Iran than expected, as Israel refrained from targeting Iran's nuclear and oil facilities, Gandhi said. Comex silver futures quoted 0.63 percent lower to USD 33.57 per ounce in Asian market hours.

"Comex gold prices hit a record high of USD 2,772.60 per ounce last week as a tightly contested race between Vice President Kamala Harris and former President Donald Trump boosted safe-haven demand. "However, prices retreated as strong US economic data raised expectations that US Federal Reserve would take a cautious approach to monetary easing," Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.

Concerns over growing US Budget deficit and a pullback in US Treasury yields -- its highest level since late July -- helped gold prices to rebound, Chainwala said.

As per Pranav Mer, Vice President, EBG -- Commodity & Currency Research, JM Financial Services, market participants will closely watch macroeconomic data from major economies, including US consumer confidence, GDP , and inflation data from Germany, Eurozone, and US throughout week. Furr, US payroll data and manufacturing PMI from across regions will also provide more insights on trajectory of bullion prices, he said. 

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