Gold and continued their downward trend for the seventh consecutive day on Wednesday, influenced by the surge in US yields. Gold traded below Rs 57,000 per 10 grams, marking a decrease in MCX for December 5 to Rs 56,845 per 10 grams. Similarly, silver futures for the same date also witnessed a drop, settling at Rs 67,046 per kilogram.
COMEX gold also followed suit, recording a decrease in value and settling at $1,835.7 per ounce. The decline was not uniform across all markets as spot prices varied across Indian cities. Mumbai, for instance, recorded a price of Rs 58,350 for 10 grams of gold.
Analysts have shared mixed views on the future of gold trading. Neha Qureshi has predicted a cautious rebound for gold and suggested selling Gold December futures at Rs 57,000 with a target of Rs 56,300. On the other hand, Amit Khare identified support levels for Gold December futures at Rs 56,700 and Rs 56,400.
However, Praveen Singh expressed a weak outlook for gold in the current market scenario. The ongoing decline in gold and silver futures underlines the impact of rising US yields on global markets. The future trajectory of these precious metals will depend on how market dynamics evolve in response to these macroeconomic factors.
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