MUMBAI: Gold and silver prices eased in Friday’s trade, extending their recent correction as profit-booking and a stronger US dollar weighed on sentiment. At 12:00 noon on October 24, both global and domestic bullion markets were trading softer after a strong run in the previous weeks.
In the Indian market, 24-carat gold slipped to around Rs 12,507 per gram (about Rs 1,25,070 per 10 grams), while silver was quoted near Rs 1,59,000 per kilogram. On the Multi Commodity Exchange, December gold futures were down 0.4 percent and December silver futures declined nearly 1 percent.
Globally, spot gold fell around 0.2 percent to $4,118 per ounce, while silver dropped 0.6 percent to $48.6 per ounce. The retreat came as the dollar strengthened, making dollar-priced bullion costlier for other currency holders.
Analysts were quoted in reports saying the recent decline reflected a phase of consolidation following the sharp festive-season rally. With Diwali demand largely priced in, physical buying slowed, while traders booked profits amid a lack of fresh triggers. The easing of geopolitical tensions and a firm US currency also reduced safe-haven demand for precious metals.
Domestically, the momentum in gold and silver prices appears to be moderating, though the underlying long-term outlook remains steady. Analysts expect gold to trade in a narrow range between Rs 1,23,000 and Rs 1,24,650 per 10 grams, while silver could see further volatility given its sharp year-to-date gains.
Market experts noted that any significant correction could attract renewed buying interest, especially if inflation concerns persist or global risks resurface. For now, the short-term bias remains mildly negative, with investors watching key support levels for potential entry points.
The trend, however, suggests a temporary pause in the rally rather than a reversal, with price direction in the coming sessions likely to depend on currency movements, global risk sentiment, and domestic festive demand.
