Kamal Ghorui
Silver prices fell sharply by Rs 7,500, or nearly 3 per cent, to Rs 2.64 lakh per kilogram in the national capital on Tuesday, while gold moved in the opposite direction, rising Rs 2,200 per 10 grams amid a firm US dollar.According to the All India Sarafa Association, silver dropped to Rs 2,64,500 per kg (inclusive of all taxes) from Monday’s close of Rs 2,72,000 per kg. Gold of 99.9 per cent purity, meanwhile, climbed 1.4 per cent to Rs 1,60,700 per 10 grams, compared with Rs 1,58,500 in the previous session. Traders said gold extended gains for the second straight day due to sustained buying interest from jewellers and investors.
Global cues, macro data in focus
“Gold traded with modest gains on Tuesday while traders were awaiting fresh macroeconomic cues,” Saumil Gandhi, senior analyst, commodities at HDFC Securities, said, as quoted by news agency PTI. He added that both gold and silver are currently fluctuating within a broader range as markets enter a near-term consolidation phase.In the overseas market, spot silver slipped $1.13, or 1.37 per cent, to $82.16 per ounce, while gold was trading marginally lower at $5,052.43 per ounce.Jateen Trivedi, VP research analyst – commodity and currency at LKP Securities, said market participants are closely tracking upcoming US economic data. “Key US retail sales data, followed by unemployment and nonfarm payroll numbers later in the week, are likely to inject volatility and shape expectations around the Federal Reserve’s policy stance,” he said, as per PTI.
Futures market sees profit-booking
In the futures segment, precious metals witnessed selling pressure as traders booked profits. On the Multi Commodity Exchange, silver futures for March delivery fell 2.06 per cent to Rs 2,57,198 per kg, while gold futures for April slipped 0.43 per cent to Rs 1,57,389 per 10 grams.Gaurav Garg, research analyst at Lemonn Markets Desk, said profit-taking and a firm dollar weighed on bullion prices, even as overall sentiment remains cautiously constructive with investors awaiting further macro and policy cues.
