NEW DELHI — Gold prices rose INR 150 to INR 79,350 per 10 grams in the national
capital on Monday, according to the All India Sarafa Association.
Traders said the potential for upside appears to be
limited for gold in the short term, as the market participants are primarily
focused on Trump's tariff measures and economic policy, which could determine
the direction of the metal next year.
The precious metal settled at INR 79,200 per 10 grams in
the previous trading session on Friday.
However, silver traded flat at INR 91,700 per kg on
Monday.
The price of gold of 99.5 per cent purity appreciated by INR
150 to INR 78,950 per 10 grams against the previous close of INR 78,800 per 10
grams on Friday.
Meanwhile, in futures trade on the Multi Commodity
Exchange (MCX), gold contracts for February delivery slipped INR 41 or 0.05 per
cent to INR 76,503 per 10 grams.
"Gold trading within the range of INR 76,400–76,750
in MCX. With global markets entering the holiday period for New Year
celebrations, trading volumes were thin, and market activity was subdued.
"The sideways movement is likely to persist in the
short-term due to the limited participation during the festive season,"
Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP
Securities, said.
However, silver contracts for March delivery rose INR 60
or 0.07 per cent to INR 88,947 per kg in futures trade on the commodities
exchange.
In international markets, Comex gold futures fell USD
5.70 per ounce or 0.22 per cent to USD 2,626.20 per ounce.
"Gold prices are likely to see continued
consolidation this week, amid lack of fresh triggers as major participants are
still away due to new year holiday in the international market, while upside in
the bullion limited due higher dollar that is trading near 108-levels,"
Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM
Financial Services Ltd, said.
Comex silver futures, however, traded flat at USD 29.96
per ounce in the Asian market hours.
"On the macro front, except for manufacturing PMI
data from Asia, the Eurozone, and the US, there is no major data schedule for
this week. Investors anticipate calm markets with low trading volumes
overall," said Saumil Gandhi, Senior Analyst - Commodities at HDFC
Securities.
