Gold and Silver Update (October 25): Gold prices softened in today’s trading, reflecting trends in international markets. On the Multi Commodity Exchange (MCX), December gold futures fell by 0.33%, or Rs 262, to Rs 78,065 per 10 grams.
Silver also declined, with December futures down 0.5%, or Rs 487, to Rs 96,545 per kilogram. Earlier in the day, silver prices had briefly surged to Rs 96,769.
Gold prices had surged late on Thursday, driven by falling U.S. Treasury yields as investors sought safe-haven assets. Ongoing tensions in the Middle East and uncertainties surrounding the U.S. elections have supported demand for gold.
On Wednesday, spot gold reached a record high of $2,758.53 per ounce. As of the latest update, spot gold was trading down 0.32% at $2,727.32.
Currently, gold is experiencing a correction as risk appetite improves, evidenced by a positive performance on Wall Street. Additionally, recent U.S. data suggests that the labor market remains robust, countering earlier projections of weakness by the Federal Reserve.
Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, stated, “This week’s gains in gold, combined with profit-taking at higher levels, indicate traders’ uncertainty about the U.S. election outcome, with expectations of a closely contested race.”
Geopolitical tensions continue to loom, with concerns that an Israeli strike on Tehran could escalate hostilities further. Meanwhile, resilient labor market indicators in the U.S. add optimism for potential aggressive rate cuts, which may limit any further price increases in today’s trading, Qureshi noted.
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