New Delhi— Indian gold prices ended the week slightly lower but retained a bullish structure, supported by ongoing uncertainty over the US Federal Reserve’s policy direction.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold (10 grams) opened at Rs 1,13,498 on Monday, rose to a high of Rs 1,14,044 on Tuesday, and closed the week at Rs 1,13,260.
The precious metal continued to hold its appeal as a safe-haven asset amid global trade tensions, a weakening rupee, steady central bank purchases, and Fed-related policy uncertainties.
Silver also attracted strong buyer interest, buoyed by firm industrial demand and supply constraints. Silver closed at Rs 1,37,467 per kilogram on Friday, according to IBJA data.
Jateen Trivedi, Vice President and Research Analyst at LKP Securities, said, “Gold prices traded firm around Rs 1,14,000 with marginal gains of Rs 130 as Comex Gold remained steady, the dollar showed slight strength, and the rupee held near 88.71.”
He added, “US GDP data came in stronger than expected, triggering minor profit booking, but gold quickly recovered and maintained its bullish structure. The overall trend remains positive with support at Rs 1,12,500 and resistance near Rs 1,15,000.”
Trivedi expects gold to trade in the range of Rs 1,07,500 to Rs 1,11,000 in the near term.
The yellow metal has outperformed Indian equities for the fourth consecutive Diwali-to-Diwali cycle, continuing a pattern of outperformance in seven of the last eight years. Similarly, silver has outpaced equities for the third straight year, driven by industrial demand from sectors such as solar panel manufacturing, semiconductors, and electric vehicles.
Analysts also note that bullion prices are supported by robust central bank purchases and sustained inflows into gold ETFs. However, cautious remarks from the Fed Chair regarding inflation, the labour market, and future rate cuts may limit further upside for gold. (Source: IANS)
