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Gold, silver prices cool off today due to profit-booking, easing Israel-Gaza tensions
The gold price today fell 0.89% from record highs to ₹1,22,111 per 10 gm. The silver price also retreated 0.67% from its peak to trade at ₹1,48,847 per kg.
The prices of gold and silver retreated from record highs in India on Thursday due to profit-booking, amid the prospect of a Israel-Gaza ceasefire.
The gold price today fell 0.89% to ₹1,22,111 per 10 gm after hitting a record high of ₹1,23,450 per 10 gm on Wednesday, according to data from the Multi Commodity Exchange of India. The silver price also retreated 0.67% from its peak to trade at ₹1,48,847 per kg.
Globally, bullion futures booked profits. Comex Gold for December delivery fell 0.34% to $4,056.85 per ounce, after hitting a record $4,081 per ounce on Wednesday. Comex Silver futures for December delivery fell 1.17% to $48.42 per ounce, after hitting a high of $49.19 per ounce on Wednesday.
“Gold prices pulled back on Thursday after a four-day rally that took the metal above $4,000 per ounce, amid profit-taking, as the first step toward a peace deal between Israel and Hamas eased demand for safe-haven assets,” Darshan Desai, chief executive officer at Aspect Bullion & Refinery, told PTI.
On Wednesday, US President Donald Trump announced that Israel and Hamas had agreed on the first phase of his 20-point peace plan following talks in Egypt. This development prompted traders to book profits, weighing on the bullion prices on Thursday.
Still, gold prices will remain in focus amid a prolonged government shutdown in the US and likelihood of a second interest rate cut by the Federal Reserve.
The US government shutdown has entered its ninth day, keeping the dollar subdued and providing support to commodities, including gold and silver.
Minutes from the US Fed's September meeting, released on Wednesday, showed near unanimity among participants in favour of lowering interest rates amid concerns over labour market risks.
However, policymakers remained divided on whether one or two more rate cuts would be appropriate before the year-end.
