Gold and silver prices declined on Friday in domestic and international markets as a stronger US dollar and rising geopolitical tensions in the Middle East dampened investor sentiment. Analysts said the near-term outlook for both precious metals remains weak.
Gold prices remained unchanged at Rs 1.46 lakh per 10 grams in Delhi on Wednesday, while silver fell for the third consecutive session. Weak domestic demand weighed on bullion prices, even as global markets tracked geopolitical tensions and US inflation data
Gold recorded its first weekly gain since May, rising over 3 per cent as weaker US jobs data and lower energy prices eased expectations of further Federal Reserve rate hikes. Analysts expect bullion prices to remain supported by global economic and monetary policy developments.
Gold prices slipped on Thursday due to profit booking, while silver extended its gains for a third consecutive session. Investors are closely watching the US non-farm payrolls report, with expectations of a patient Federal Reserve supporting precious metal prices.
Gold prices rose by Rs 2,500 to Rs 1.59 lakh per 10 grams in Delhi, while silver climbed Rs 5,000 per kg. Analysts attributed the rally to strong global trends following reports of a US-Iran agreement that boosted bullion demand
On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 138 or 0.19 per cent to Rs 73,430 per kg in a business turnover of 7,628 lots.
