Gold and silver prices displayed mixed movements in the Thursday morning session. Gold saw a slight decline due to profit booking, while silver continued its upward trend for the third consecutive session. This comes as there are expectations that the US Federal Reserve might not rush to increase interest rates.
On the Multi Commodity Exchange (MCX), gold futures for August began at Rs 1,43,882 per 10 grams, marking a decrease of Rs 548 or 0.37% from the previous close of Rs 1,44,430. By 10:40 am, gold was trading at Rs 1,43,797, down Rs 633 or 0.44%. The yellow metal reached an intraday low of Rs 1,43,771 and a high of Rs 1,44,448 during the session.
In contrast, silver futures for September outperformed gold by surging up to 0.84% or nearly Rs 2,000 to reach Rs 2,32,339 per kg, its highest level so far. Silver was trading at Rs 2,30,790, up Rs 406 or 0.18%, with an intraday low of Rs 2,30,513. The day started with silver opening at Rs 2,31,196, up Rs 812 or 0.35% from the previous close.
Internationally, gold was down by 0.14% at $4,076 per ounce, while silver showed a 0.14% increase to $60.59 per ounce. Market analysts noted that gold experienced profit booking following a correction in COMEX gold prices from the peak of $4,115 per ounce in the previous session. Investors are now awaiting the US non-farm payrolls report for further insights into the Federal Reserve’s interest rate plans.
Despite softer-than-expected US job data and a decline in crude oil prices, gold’s losses were capped. Silver, on the other hand, is expected to sustain its positive momentum after three consecutive days of gains, supported by reduced US inflation expectations. Experts highlighted that statements from the US Federal Reserve Chairman indicating a lack of urgency in raising interest rates have bolstered sentiment for silver.
