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Gold Prices
Gold prices snapped a four-day losing streak and climbed Rs 1,200 to Rs 1.44 lakh per 10 grams in the national capital on Tuesday, while silver remained flat at Rs 2.30 lakh per kilogram, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs 1,43,600 per 10 grams (inclusive of all taxes) on Monday. Traders attributed the rebound in domestic gold prices to a recovery in global commodity markets and some buying at lower levels after recent sharp declines. In the international markets, spot gold rebounded after nine sessions of losses, rising USD 16.96, or 0.38 per cent, to USD 4,423.83 per ounce, while silver was trading 1.03 per cent higher at USD 69.86 per ounce. "Spot gold, after falling for nine straight days, is trading steady at around USD 4,420 per ounce in the overseas trade on cautious optimism about the Iran war as the US President Donald Trump declared a five-day ceasefire on strikes against energy installations in Iran,
Precious metal prices are likely to consolidate with a mild recovery bias next week after a sharp correction, though the upside may remain capped amid elevated interest rates and a firm US dollar, analysts said. Investors will track key macroeconomic data, including provisional manufacturing and services PMI readings from the US, UK and Japan, along with consumer sentiment and jobless claims for direction. Traders will also closely monitor oil price movement for further cues, they added. "In the week ahead, gold price may see some consolidation and slight recovery before prices make their next move either side," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said. In the domestic market, precious metal prices witnessed steep losses last week. On the Multi Commodity Exchange, silver tumbled by Rs 32,663, or 12.59 per cent, to settle at Rs 2.26 lakh per kilogram, while gold dropped by Rs 13,974, or 8.82 per cent, to close at Rs 1.44 lakh