Gold remains flat at Rs 78,300/10g; silver plummets Rs 2,000

   NEW DELHI, Sep 30: Gold prices remained flat at Rs 78,300 per 10 grams in the national capital on Monday, according to the All India Sarafa Association.

  After rising for nine consecutive days, gold had touched its all-time high mark of Rs 78,300 per 10 grams on Friday.

However, silver plummeted by Rs 2,000 to Rs 92,500 per kg, snapping a three-day rising streak in the local markets on Monday. It had finished at Rs 94,500 per kg in the previous close.

In futures trade on the Multi Commodity Exchange (MCX), gold contracts for October delivery went up by Rs 42 or 0.06 per cent to Rs 74,900 per 10 grams.

Silver contracts for December delivery declined Rs 586 or 0.64 per cent to trade at Rs 90,812 per kg on the exchange.

In the Asian trading hours, Comex gold was trading 0.06 per cent higher at USD 2,669.60 per ounce.

“COMEX gold retreated from its peak as softer inflation numbers bolstered expectations of interest rate cuts but also sparking debate about their magnitude,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.

Last week, gold had surged to a record high of USD 2,708.70 per ounce, driven by a significant drop in consumer confidence that heightened expectations for more aggressive rate cuts by the US Federal Reserve.

Geopolitical tensions, particularly the ongoing conflict between Israel and Hezbollah, further enhanced gold’s appeal as a safe-haven asset, Chainwala added.

According to Pranav Mer, VP – Research (Commodity & Currency) at BlinkX and JM Financial, traders are likely to stay cautious amid the possibility of month-end profit-booking and look for crucial data on the manufacturing/ services PMI from across regions and US nonfarm payroll data due later on Friday.

Silver, however, was quoted 0.30 per cent lower at USD 31.72 per ounce in the international markets.

“Traders are also awaiting remarks from US Fed Chair Jerome Powell who will discuss the US economic outlook at the National Association for Business Economics (NABE) conference later on Monday,” Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said. (PTI)