Gold price slipped Rs 100 to Rs 78,600 per 10 grams in the national capital on Tuesday, according to the All India Sarafa Association. The precious metal had closed at Rs 78,700 per 10 grams in the previous trading session.
However, silver jumped Rs 500 to Rs 90,500 per kg against the previous close of Rs 90,000 per kg.
The price of 99.5 per cent purity gold dipped Rs 100 to Rs 78,200 per 10 grams on Tuesday.
Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February rose Rs 35 or 0.05 per cent to trade at Rs 76,179 per 10 grams. Silver contracts for March delivery went lower by Rs 87 or 0.1 per cent to Rs 89,031 per kg.
Globally, Comex gold futures traded flat at USD 2,628.30 per ounce.
“Gold traded steady in a holiday thin session with prices seen consolidating last week’s fall but remained weighed by a stronger dollar in the overseas market,” Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, said. According to HDFC Securities’ Senior Analyst of Commodities Saumil Gandhi, the trading volume remains relatively calm this week ahead of the Christmas holiday. Meanwhile, recovery in the US dollar following Friday’s fall acts as a headwind for precious metals, Gandhi said.
Comex silver futures, however, fell 0.13 per cent to USD 30.15 per ounce in the overseas markets.
“Gold trading in line with the other commodities, is in consolidation mode amid thin liquidity condition,” Praveen Singh of Associate VP, Fundamental Currencies and Commodities, Mirae Asset Sharekhan, said.
Market participants will await US data, including Philadelphia Fed non-manufacturing and Richmond manufacturing indices, which will provide more cues on gold and silver prices going forward, Singh added.