New Delhi, Oct 29: Gold prices were steady at Rs 1.46 lakh per 10 grams in the national capital on Thursday as jewellers and retailers remained cautious about fresh purchases amid elevated rates.
Silver prices, however, rose by Rs 500 to Rs 1,98,500 per kilogram, inclusive of all taxes, according to the All India Sarafa Association.
The white metal closed unchanged at Rs 1.98 lakh per kg on Wednesday.
Traders said gold prices remained steady as jewellers and retailers were cautious about fresh buying amid high prices.
“Domestic gold prices remained steady on Thursday, following range-bound movements in international markets amid mixed signals,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
A hawkish stance by the US Federal Reserve overshadowed support from a decline in US Treasury yields and crude oil prices, he said.
In international markets, spot gold fell by USD 49.38, or 1.21 per cent, to USD 4,018.08 per ounce, while silver declined 3 per cent to USD 52.41 per ounce.
“Gold remained under pressure to hover around USD 4,024 per ounce on Thursday, as the Federal Reserve’s hawkish outlook and persistent energy-driven inflation strengthen expectations of further monetary policy tightening,” said Vedika Narvekar, Research Analyst- Commodities & Currencies, Anand Rathi Share and Stock Brokers Ltd.
Firm crude oil prices, uncertainty around the Fed’s policy path and equity-market liquidations are adding to volatility, although geopolitical risks and central-bank buying may offer support, she said.
