NEW DELHI, Apr 17: Silver price declined by Rs 5,700 to Rs 2.53 lakh per kilogram in the national capital on Friday while gold fell to Rs 1.56 lakh per 10 grams amid subdued demand in the domestic market.
According to the All India Sarafa Association, the white metal plunged Rs 5,700, or 2.2 per cent, to Rs 2,53,000 per kg (inclusive of all taxes).
Gold of 99.9 per cent purity also decreased Rs 1,600, or 1.01 per cent, to Rs 1,56,200 per 10 grams (inclusive of all taxes).
“Gold remained range-bound with subdued price action as markets stayed cautious ahead of key updates expected over the weekend on post-ceasefire developments,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.
He added that the lack of fresh triggers kept gold in a sideways consolidation phase, despite underlying uncertainty. Overall, gold is likely to remain rangebound with a volatile bias, reacting sharply to any weekend developments.
In the overseas markets, spot gold was trading marginally lower at USD 4,786.90 per ounce, while silver gained 1.12 per cent to USD 79.28 per ounce “Gold maintained a negative bias on Friday, remaining below the USD 4,800 mark as upside momentum weakened,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
He noted that despite some supportive developments, prices were unable to sustain higher levels, indicating a loss of bullish traction.
Additionally, gold faced pressure from a relatively firm US dollar and stable Treasury bond yields, as markets remained cautious amid ongoing uncertainty regarding the situation in the Strait of Hormuz, Gandhi said.
“While hopes for renewed negotiations provided some underlying support, the absence of clear progress left investors on the sidelines,” he added. (Agencies)
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