Mumbai — Gold and silver traded in opposite directions Thursday morning, with gold declining on profit-taking while silver extended its gains for a third consecutive session amid expectations that the U.S. Federal Reserve may not rush to raise interest rates.
On the Multi Commodity Exchange, August gold futures opened at 143,882 rupees per 10 grams, down 548 rupees, or 0.37 percent, from the previous close of 144,430 rupees.
At about 10:40 a.m., gold was trading at 143,797 rupees, down 633 rupees, or 0.44 percent. The metal touched an intraday low of 143,771 rupees and a high of 144,448 rupees.
September silver futures outperformed gold, climbing as much as 0.84 percent, or nearly 2,000 rupees, to an intraday high of 232,339 rupees per kilogram.
Silver was trading at 230,790 rupees, up 406 rupees, or 0.18 percent, after touching a low of 230,513 rupees. It opened at 231,196 rupees, up 812 rupees, or 0.35 percent, from the previous close of 230,384 rupees.
In international markets, gold declined 0.14 percent to $4,076 an ounce, while silver rose 0.14 percent to $60.59 an ounce.
Market experts attributed gold’s decline to profit-taking after COMEX gold retreated from the previous session’s high of $4,115 an ounce. Investors were also awaiting the U.S. nonfarm payrolls report for further indications about the Federal Reserve’s interest-rate policy.
Softer-than-expected U.S. employment data and lower crude oil prices helped limit gold’s losses, analysts said.
Silver could maintain its positive momentum after advancing for three consecutive sessions, supported by easing U.S. inflation expectations. Comments from the Federal Reserve chairman suggesting there was no urgency to raise interest rates also improved sentiment toward the metal. (Source: IANS)
