Gold softens to Rs 78,065/10 gm amid improving risk-on sentiment; silver above Rs 96,500/kg
Gold, silver rate today (October 25): Gold prices mirroring movement in the international markets traded weak in Friday's trade. On the MCX, December gold futures traded weak by 0.33 per cent or Rs 262 at Rs 78,065 per 10 gm.
Silver also traded subdued
On the MCX, Silver December futures were down 0.5 per cent or Rs 487 at Rs 96,545 per kg. Earlier in the day, silver prices zoomed up to Rs 96,769.
Gold getting boosts from geo-political unrest and US election uncertainity
Gold prices climbed late on Thursday as US Treasury yields dropped on demand for safe-haven assets. Heightened tensions in the Middle East and US election woes underpinned the golden metal.
Spot gold - XAU/ USD hit a record high on Wednesday
On Wednesday, spot gold clinched a record high of $2,758.53 per ounce. Last at the time of writing the copy, spot gold traded with a cut of 0.32 per cent at $2,727.32.
Risk-on sentiment weighs on gold
Currently, gold has been showing correction amid improved risk appetite, as portrayed by Wall Stree which traded in the green while the US data revealed that the labour market remains solid and not as weak as projected by the Federal Reserve (Fed).
Gold price outlook
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said, "Gold advance this week combined with profit booking moves at higher levels reflects traders' uncertainty about the outcome of the US election, as markets expect a narrowly contested race."
In the geopolitics space, an Israeli strike on Tehran might lead to a further escalation of hostilities. Meanwhile, the labour market indicators in the US remain resilient adding optimism for further aggressive rate cut which might lead to limited upside in day trade today, added Qureshi.