New Delhi, Nov 3 Gold prices retreated by Rs 700 to Rs 1.41 lakh per 10 grams in the national capital on Tuesday as a global sell-off and recovery in crude oil prices made investors cautious.
The yellow metal of 99.9 per cent purity fell Rs 700 to Rs 1,41,800 per 10 grams, inclusive of all taxes, from Monday’s closing level of Rs 1,42,500 per 10 grams, according to the All India Sarafa Association.
Silver, which had remained steady in the previous session, also joined the decline, tumbling Rs 2,000 to Rs 1.84 lakh per kilogram, inclusive of all taxes, from Rs 1.86 lakh per kg in the preceding session.
“Gold prices pared gains on Tuesday amid weak global cues and a recovery in crude oil prices in the international market,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
However, the approaching festive season could cushion domestic bullion prices, with jewellery purchases expected to gather momentum ahead of Dhanteras and Diwali, when buying gold is auspicious, he said.
In the international markets, spot gold slipped USD 41.19, or 1.04 per cent, to USD 3,905.44 per ounce, while silver fell over 3 per cent to USD 48.97 per ounce.
“Gold prices witnessed a sharp decline as traders continued to book profits, keeping bullion under pressure,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
The sell-off has pushed prices closer to oversold territory, although a sustained recovery will depend on fresh buying interest and global cues, he added.
Investors are awaiting key US developments, including the election outcome later in the day, unemployment figures and nonfarm payrolls data, which could offer fresh clues on the Federal Reserve’s future policy stance, Trivedi said.
(PTI News)
