Gold prices in the domestic futures market declined on Friday after rising for two consecutive trading sessions. Amid a cautious stance among investors, the price of gold fell by Rs 431 to Rs 1,55,344 per 10 grams.Gold and silver prices declined in the domestic futures market on Friday, with both precious metals facing profit-booking pressure after their recent gains. Investors also adopted a cautious approach ahead of the release of key US non-farm employment data. The data is expected to provide signals about the US Federal Reserve’s upcoming interest rate policy.
On the Multi Commodity Exchange (MCX), gold futures for October delivery fell by Rs 431, or 0.28 per cent, to Rs 1,55,344 per 10 grams on Friday. The decline ended gold’s two-session gaining streak in the futures market.
According to market experts, some investors booked profits after the recent rise in gold prices, putting pressure on prices. The market also remained cautious ahead of the release of US non-farm payrolls data.
Non-farm payrolls are among the most important US economic indicators. The data provides an estimate of the number of jobs added to the economy during the previous month, excluding employees in the agriculture sector, private household employees and employees of non-profit organisations.
The data can affect the US dollar and bond yields, which can also influence gold and other safe-haven assets. Gold prices in global markets also remained slightly lower.
In New York, the COMEX gold futures contract for December delivery was trading slightly lower at $4,528.54 per ounce. According to Gaurav Garg, Head of Research at Lemonn, the market is focused on the US employment data, as the figures could determine the direction of the dollar, bond yields and precious metals.
Silver prices also declined on Friday. In the domestic futures market, silver fell by Rs 749, or 0.31 per cent, to Rs 2,41,600 per kilogram.
On the MCX, silver futures for December delivery declined by Rs 749 to Rs 2,41,600 per kilogram.
Profit booking by investors following the recent rise was cited as a key reason for the decline in silver prices. The fall also ended silver’s two-session gaining streak.
Despite the decline in the futures market, retail gold prices recorded a marginal increase on Friday. The price of 24-carat gold stood at Rs 1,56,670 per 10 grams, Rs 10 higher than the previous day.
The price of 22-carat gold was Rs 1,43,610 per 10 grams, also Rs 10 higher than the previous day.
Retail silver prices, meanwhile, declined marginally. Silver was priced at Rs 2,499 per 10 grams, down Rs 1 from the previous day. Accordingly, 100 grams of silver was priced at Rs 24,990, while 1 kilogram of silver was priced at Rs 2,49,900, down Rs 100 from the previous day.
