Gold prices slip on strong US jobs data and rising treasury yields; silver plunges ₹600; check rates
gold prices fell by ₹110 to ₹59,240 per 10 grams in Delhi on Friday. The price of the precious metal for 10 grams had previously traded at ₹59,350. Likewise, the price of silver fell by ₹600 to ₹71,500 per kilogram.
At the close of trading, the benchmark stock indices Sensex and Nifty experienced declines due to profit-taking in financial, IT, and oil shares. The Sensex, representing the Bombay Stock Exchange (BSE), fell sharply by 505.19 points or 0.77 percent, settling at 65,280.45 points. Among its constituents, 25 ended in the red while five showed gains.
Throughout the day, the Sensex fluctuated between the levels of 65,175.74 and 65,898.98. Similarly, the broader Nifty index of the National Stock Exchange (NSE) also witnessed a decline, ending its eight-day winning streak. The Nifty dropped by 165.50 points or 0.85 percent, settling at 19,331.80.
Out of the Nifty's constituents, 44 shares declined, while only six recorded gains. This downward movement in the stock market was influenced by both profit-taking activities and weak global trends. In the international market the gold prices edged lower on Friday but were on track for a fourth consecutive weekly loss as strong U.S.
jobs data strengthened bets for higher-for-longer interest rates by the Federal Reserve. Spot gold experienced a slight increase of 0.3% and reached $1,915.79 per ounce. Analysts attribute this small uptick to bargain hunting, suggesting that investors took advantage of lower prices.
Similarly, U.S. gold futures also rose by 0.3% and reached $1,921.80. However, gold has declined by approximately 0.2% throughout the week.
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