Gold's 10-day rally halted, fell by Rs 200 due to weak demand

According to the All India Sarafa Association, the price of gold fell by Rs 200 to Rs 78,100 per 10 grams in the national capital on Tuesday. This halted the upward trend that had been going on for 10 days. On Monday, this precious metal closed at Rs 78,300 per 10 grams. However, silver remained stable at Rs 92,500 per kg on Tuesday.

Apart from that, the price of gold with a purity of 99.5% fell by Rs 200 to Rs 77,700 per 10 grams. On Monday, gold closed at Rs 77,900 per 10 grams.

Meanwhile, the price of gold for December delivery in futures trading on the Multi Commodity Exchange (MCX) increased by Rs 347, or 0.46 percent, to Rs 75,958 per 10 grams. Silver also increased by Rs 441, or 0.49 percent, to Rs 91,160 per kg.

Jatin Trivedi, Vice President Research Analyst - Commodity & Currency, LKP Securities, said, "Gold prices traded positive with gains. Market participants are closely tracking this data-packed week, with the main focus on non-farm payrolls and unemployment data coming on Friday. Any significant deviation in the data could impact the short-term movement of gold."

Comex gold is trading 0.34 percent higher at $2,668.50 an ounce in Asian trading hours. Manish Sharma, Assistant Vice President (Commodities & Currency), Anand Rathi Shares & Stock Brokers, said, "Gold prices hit a four-day low yesterday as US Fed Chairman Jerome Powell's inclination in favour of less aggressive policy easing by the Fed led to a significant rise in the US dollar, while US Treasury bond yields also jumped."

Silver also rose 0.48 percent to $31.61 an ounce in the international market. Chintan Mehta, Chief Executive Officer, Abans Holdings, said, "The future direction of interest rates will be determined by developments in the economy, making upcoming economic data even more important to assess economic progress."