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In a relentless downward spiral, gold and silver futures extended their decline for the seventh straight day on Wednesday. The primary driving force behind this drop has been the surge in US yields.
Gold Dips Below Rs 57,000 Mark
Gold prices took a significant hit as they dipped below the Rs 57,000 per 10 grams mark. MCX gold futures for December 5th settled at Rs 56,845 per 10 grams, showcasing the magnitude of the decline.
Silver futures for the same date also experienced a noticeable decrease, closing at Rs 67,046 per kilogram.
COMEX Gold Takes a Hit
COMEX gold mirrored this trend, with its value decreasing and settling at $1,835.7 per ounce. Notably, the decline in prices was not uniform across all markets. Spot prices varied among different Indian cities. In Mumbai, for instance, the rate for 10 grams of gold stood at Rs 58,350.
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Mixed Views from Analysts
Market analysts have offered a mixed outlook on the future of gold trading. Neha Qureshi predicts a cautious rebound for gold and suggests selling Gold December futures at Rs 57,000 with a target of Rs 56,300. In contrast, Amit Khare identifies support levels for Gold December futures at Rs 56,700 and Rs 56,400.
Weak Outlook Amid Rising US Yields on Gold And Silver
On the other hand, Praveen Singh expresses a weak outlook for gold in the current market scenario. The ongoing decline in gold and silver futures underscores the impact of rising US yields on global markets. The future trajectory of these precious metals hinges on how market dynamics evolve in response to these macroeconomic factors.
Disclaimer: Please note that this article serves solely for informational purposes. Thus, must not construe as financial advice. We advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
