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  1. Gold snaps 3-day losing run, climbs ₹570 to ₹78,700 per 10 gm

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Gold snaps 3-day losing run, climbs ₹570 to ₹78,700 per 10 gm

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2 min read | Updated on December 23, 2024, 19:09 IST

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SUMMARY

In futures trade on the Multi Commodity Exchange (MCX) on Monday, gold contracts for February delivery slipped ₹48, or 0.06%, to ₹76,372 per 10 grams.

Comex gold futures fell $6.70 per ounce, or 0.25%, to $2,638.40 per ounce in the overseas markets

Comex gold futures fell $6.70 per ounce, or 0.25%, to $2,638.40 per ounce in the overseas markets

Gold prices recovered ₹570 to ₹78,700 per 10 grams in the national capital on Monday amid value buying by stockists and investors following a firm global trend, according to the All India Sarafa Association.

The precious metal ended at ₹78,130 per 10 grams on Friday.

Silver surged ₹1,850 to reclaim the ₹90,000 per kg mark on increased offtake by industrial units and coin makers.

The white metal finished at ₹88,150 per kg in the previous trading session.

The price of gold of 99.5% purity also jumped ₹570 to ₹78,300 per 10 grams on Monday. It closed at ₹77,730 per 10 grams in the previous session on Friday.

Value buying by stockists and jewellers for the ongoing wedding season supported the uptrend in both gold and silver prices, traders said.

In futures trade on the Multi Commodity Exchange (MCX) on Monday, gold contracts for February delivery slipped ₹48, or 0.06%, to ₹76,372 per 10 grams.

However, silver contracts for March delivery climbed ₹637, or 0.72%, to ₹89,029 per kg on the commodities exchange.

Comex gold futures fell $6.70 per ounce, or 0.25%, to $2,638.40 per ounce in the overseas markets.

"Gold and silver prices recovered from one-month and three-and-a-half-month lows in a highly volatile session. The dollar index and the bond yields showed profit taking which supported precious metal," Rahul Kalantri, VP Commodities at Mehta Equities Ltd, said.

However, Comex silver futures in the Asian trading session traded 0.72% higher at $30.18 per ounce.

On the macro front, US CB consumer confidence data will be released later on Monday which will provide more impetus on the trajectory of the bullion prices, said HDFC Securities' Senior Analyst of Commodities, Saumil Gandhi.

According to Praveen Singh, Associate VP of Fundamental Currencies and Commodities, Mirae Asset Sharekhan, gold is expected to trade with a slightly positive bias in the very short term.

However, stellar US third-quarter GDP growth rate and retail sales (November) data and the US Federal Reserve's hawkish shift will cap the upside. ETF flows are not very encouraging either, Singh added.

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