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What is the story about?
Gold prices in India traded nearly flat on Wednesday (January 7), posting marginal gains across purity levels, even as global bullion prices declined on profit-booking ahead of key US economic data.
As per the latest rates, 24-carat gold rose by ₹1 to ₹13,883 per gram, while 22-carat gold increased by ₹1 to ₹12,726 per gram.
18-carat gold was priced at ₹10,413 per gram, also up ₹1.
Silver prices edged higher in the domestic market.
Silver gained ₹0.10 to ₹253.10 per gram, while prices on a kilogram basis rose by ₹100 to ₹2.53 lakh
In global markets, gold prices slipped as investors booked profits after a recent rise. Spot gold fell 0.7% to $4,466.19 per ounce, while US gold futures for February delivery declined 0.4% to $4,477.30 an ounce.
Prices had earlier climbed to a more than one-week high.
The dollar traded near a two-week high, pressuring dollar-denominated commodities ahead of a series of US labour market indicators, including non-farm payrolls, JOLTS and ADP private payrolls data.
Investors continue to factor in expectations of at least two US rate cuts this year.
According to Rahul Kalantri, Vice President – Commodities at Mehta Equities Ltd, gold and silver had recently advanced on strong safe-haven demand amid heightened geopolitical tensions, with markets now awaiting US payroll data for further direction.
He added that gold has support at $4,430–4,385 an ounce and resistance at $4,535–4,580 an ounce, while silver has support at $79.10–76.45 on ounce and resistance at $83.05–85.40 an ounce.
-With Reuters inputs
As per the latest rates, 24-carat gold rose by ₹1 to ₹13,883 per gram, while 22-carat gold increased by ₹1 to ₹12,726 per gram.
18-carat gold was priced at ₹10,413 per gram, also up ₹1.
Silver prices edged higher in the domestic market.
Silver gained ₹0.10 to ₹253.10 per gram, while prices on a kilogram basis rose by ₹100 to ₹2.53 lakh
In global markets, gold prices slipped as investors booked profits after a recent rise. Spot gold fell 0.7% to $4,466.19 per ounce, while US gold futures for February delivery declined 0.4% to $4,477.30 an ounce.
Prices had earlier climbed to a more than one-week high.
The dollar traded near a two-week high, pressuring dollar-denominated commodities ahead of a series of US labour market indicators, including non-farm payrolls, JOLTS and ADP private payrolls data.
Investors continue to factor in expectations of at least two US rate cuts this year.
According to Rahul Kalantri, Vice President – Commodities at Mehta Equities Ltd, gold and silver had recently advanced on strong safe-haven demand amid heightened geopolitical tensions, with markets now awaiting US payroll data for further direction.
He added that gold has support at $4,430–4,385 an ounce and resistance at $4,535–4,580 an ounce, while silver has support at $79.10–76.45 on ounce and resistance at $83.05–85.40 an ounce.
-With Reuters inputs
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