Gold Prices Slip Amid Weaker Spot Demand as Silver Rises on Fresh Positions
On September 1, gold prices declined on the Multi Commodity Exchange (MCX), while silver futures rose in value. Gold for October delivery fell by ₹208, or 0.13%, to ₹1.54 lakh per 10 grams, with a business turnover of 2,452 lots.
Analysts attributed the decline in gold prices to weaker spot demand. Gaurav Garg, Head of Research at Lemonn, stated that gold slipped after a sharp correction over the past two sessions as markets assessed the Federal Reserve's policy outlook.
Gold futures fell 0.12% to $4,432.26 per ounce in New York. The market is now watching US economic data, including the ADP employment report and Friday's Non-Farm Payrolls data, for clues on the Federal Reserve's September policy decision.
Silver prices rose as fresh positions were built up by market participants. Silver futures moved in the opposite direction, rising ₹456, or 0.19%, to ₹2.40 lakh per kg on the MCX, with a business turnover of 2,655 lots.