Gold prices have slipped in the national capital, ending a five-day winning streak and falling to ₹80,580 per 10 grams. This decrease comes amidst a weak global trend in the precious metal market. Silver prices have also dropped sharply to ₹91,700 per kg, down by ₹1,300 from the previous session.
The decline in gold prices can be attributed to a variety of factors, including a rise in US bond yields and the US dollar. The Federal Reserve’s indication of potentially cutting interest rates less this year has also influenced the market sentiment.
On the futures trading front, gold contracts for February delivery fell by ₹16 to ₹78,150 per 10 grams on the Multi Commodity Exchange (MCX). Silver contracts for March delivery also depreciated by ₹128 to ₹90,385 per kg on the MCX.
While gold prices are affected by various global and economic factors, investors are closely watching upcoming US economic indicators such as the Producer Price Index and the Consumer Price Index for further insights into market trends.
Overall, the fluctuations in gold and silver prices reflect the ongoing dynamic nature of the precious metal market, with factors such as interest rates, inflation expectations, and US economic indicators playing a significant role in shaping price movements.
