According to All India Bullion Association, silver fell to Rs 2,64,500 per kg (including all taxes) from Monday’s close of Rs 2,72,000 per kg. Meanwhile, gold of 99.9 per cent purity rose 1.4 per cent to Rs 1,60,700 per 10 grams, from Rs 1,58,500 in the previous session. Traders said gold prices rose for the second consecutive day due to continuous buying by jewelers and investors.
Global signals, macro data in focus
“Gold traded marginally higher on Tuesday as traders awaited fresh macroeconomic cues,” Saumil Gandhi, senior analyst, commodities, HDFC Securities, was quoted as saying by news agency PTI. He said both gold and silver are currently fluctuating in wide ranges as the market enters a near-term consolidation phase.In the foreign market, silver spot slipped by $ 1.13 or 1.37 percent to $ 82.16 an ounce, while gold was trading with a slight decline at $ 5,052.43 an ounce.Jatin Trivedi, VP Research Analyst – Commodity & Currency at LKP Securities, said market participants are closely watching the upcoming US economic data. “Key US retail sales data, followed by unemployment and non-farm payrolls numbers later in the week, is likely to increase volatility and shape expectations over the Federal Reserve’s policy stance,” he said, according to PTI.
Profit booking is being seen in the futures market
In the futures segment, precious metals witnessed selling pressure as traders booked profits. On the Multi Commodity Exchange, silver futures for March delivery fell 2.06 per cent to Rs 2,57,198 per kg, while gold futures for April slipped 0.43 per cent to Rs 1,57,389 per 10 gram.Gaurav Garg, Research Analyst, Lemon Markets Desk, said profit-booking and a stronger dollar weighed on bullion prices, although the overall sentiment remains cautiously constructive as investors await further macro and policy cues.
