New Delhi: Gold prices fell by Rs 200 to Rs 78,100 per 10 grams, snapping a 10-day winning streak in the national capital on Tuesday, according to the All India Sarafa Association.
The precious metal closed at Rs 78,300 per 10 grams on Monday.
However, silver remained unchanged at Rs 92,500 per kg on Tuesday.
Also, gold of 99.5 per cent purity fell by Rs 200 to Rs 77,700 per 10 grams. It ended at Rs 77,900 per 10 grams at the previous close on Monday.
Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery rose by Rs 347, or 0.46 percent, to Rs 75,958 per 10 grams.
Silver also rose by Rs 441 or 0.49 percent to trade at Rs 91,160 per kg on the exchange.
“Gold prices were trading positive with gains. Market participants are closely watching this data-packed week, with the main focus on non-farm payrolls and unemployment data scheduled for Friday.
“Any significant deviation in the data could affect the short-term movement of gold,” said Jaitin Trivedi, vice president commodity and currency analyst at LKP Securities.
In Asian trading hours, Comex gold traded 0.34 percent higher at $2,668.50 an ounce.
“Gold prices fell to a four-day low yesterday as US Federal Reserve Chairman Jerome Powell hinted at less aggressive Fed policy easing, sending the US dollar significantly higher , as US Treasury yields have also recovered across the curve,” said Maneesh Sharma, AVP-Commodities and Currencies, Anand Rathi Equities and Stockbrokers.
Silver was also trading 0.48% higher at USD 31.61 an ounce in international markets.
“Gold prices gave up some of the gains after Fed Chairman Powell said the recent 50 basis point cut should not be seen as a sign of further aggressive tapering, representing his confidence in economic strength and indicating a cooling of inflationary pressures.
“The future trajectory of interest rates will be driven by the development of the economy, making the upcoming economic data even more important to gauge economic progress,” said Abans Holdings CEO Chintan Mehta.
