The Gold price touched a mark of Rs 76,720 per 10 grams this week which is 0.56 per cent less than the previous week at Rs 77,150 per 10 grams. Similarly, gold future price with the expiry on Feb 2025 witnessed a decline of 0.65 per cent and touched Rs 76,619 per 10 grams on December 6, 2024 from Rs 77,128 per 10 grams on November 29, 2024.
In the international market Gold Continuous Contract (GC00) closed at $2,654.90 per ounce with a decline of 0.71 per cent in the past five days following the month with decline of 1.37 per cent.
Gold and silver prices also rebounded early in the week as geopolitical uncertainties, including martial law in South Korea and political instability in France, sparked the gold buying. With markets focused on the upcoming U.S. Fed speech and ADP jobs data, gold and silver continue to attract attention as potential hedges against economic and political uncertainty.
However, the precious metals quickly extended their gains after the release of disappointing U.S. ADP employment data, showing only 146,000 jobs were added in November, falling short of expectations. The weak jobs report sent the dollar lower, boosting demand for gold and silver. A drop in the U.S. ISM services PMI and supportive remarks from the Fed also helped fuel the price surge.
Gold and silver prices dipped on December 5 after U.S. jobless claims rose to 224,000, signalling a weaker labor market. Also, this could lead to an easy shift by the Federal Reserve, hawkish comments from Fed President Mary Daly, put a cap on any significant gains. Despite this, markets may expect a rate cut at the upcoming December Fed meeting.