Market News
3 min read | Updated on December 30, 2024, 10:49 IST
SUMMARY
Gold increased in global markets due to uncertainty ahead of the Trump administration’s takeover and a flat US dollar. Silver prices declined ₹100 to ₹92,500 per kg in major Indian cities in early Monday trade due to weak local demand.
Trading volumes in gold and silver are lower due to the New Year holiday period.
Ending the three-day gaining streak, gold prices slipped by ₹10 to ₹77,830 per 10 grams in early trade on Monday due to weak local demand. The yellow metal had risen by ₹100 per 10 grams on Saturday on safe-haven demand.
The precious metal took support from firm global cues, which helped cap its losses. Gold increased in global markets due to uncertainty ahead of the Trump administration’s takeover and a flat US dollar.
Trading volumes were low due to the New Year holiday period. Spot gold rose by 0.27% to trade near the day’s high at $2,627 an ounce in early Asian trade. The metal hit a low of $2,620 an ounce in overnight trade.
In Delhi markets, 24K gold prices slipped by ₹10 to ₹77,980 per 10 grams and 22K gold at ₹71,490 per 10 grams. The 24K Gold in Mumbai also dropped by a similar margin to ₹77,830 per 10 grams, and 22K gold by ₹10 to ₹71,340 per 10 grams.
City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
---|---|---|
Delhi | ₹71,410 | ₹77,890 |
Mumbai | ₹71,340 | ₹77,830 |
Chennai | ₹71,340 | ₹77,830 |
Kolkata | ₹71,340 | ₹77,830 |
Cutting short the four-day gaining streak, silver prices declined ₹100 to ₹92,500 per kg in major Indian cities in early trade on Monday due to weak industrial demand.
Safe-haven demand and some buying by industrial units had fueled silver prices in the previous four sessions. However, thin trading ahead of the New Year holiday and weak demand cut short the rally. Firm global trends capped any major correction in the metal.
Spot Silver was up 0.05% to $29.38 an ounce in early Asian trade. The metal moved between $29.32 an ounce and $29.48 an ounce in overnight trade.
City | Silver Price (per kg) |
---|---|
Delhi | ₹92,500 |
Mumbai | ₹92,500 |
Chennai | ₹100,000 |
Kolkata | ₹92,500 |
Gold started the week on a subdued note and slipped after three days of gain. Low volumes and weak demand are capping its gains.
Silver also started the week on a lower note after a four-day rise. The metal has moved largely with global trends, while local factors have remained largely subdued.
Date | 22K Gold (per 10g) | 24K Gold (per 10g) | Silver Price (per kg) |
---|---|---|---|
Dec 30 | ₹71,340 | ₹77,830 | ₹91,500 |
Dec 28 | ₹71,350 | ₹77,840 | ₹92,600 |
Dec 27 | ₹71,260 | ₹77,740 | ₹91,700 |
Dec 26 | ₹71,010 | ₹77,460 | ₹91,600 |
Dec 24 | ₹70,990 | ₹77,440 | ₹91,300 |
Dec 23 | ₹70,990 | ₹70,990 | ₹91,400 |
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