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news details
Gold retreats from all-time high
2/17/2025 10:55:24 PM

New Delhi, Feb 17:
Agencies

Gold prices retreated from all-time level in the national capital on Monday, with the precious metal declining Rs 1,200 to Rs 88,200 per 10 grams due to emergence of fresh selling from stockists and retailers.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity had soared Rs 1,300 to hit an all-time high of Rs 89,400 per 10 grams on Friday.
Gold of 99.5 per cent purity pulled back from its record level and depreciated Rs 1,200 to Rs 87,800 per 10 grams. It closed at Rs 89,000 per 10 grams in the previous trading close.
Silver prices also faced selling pressure and slipped below the Rs 1 lakh-mark by losing Rs 1,800 to Rs 98,200 per kg on Monday.
Traders said fading demand from jewellers as well as retailers at domestic spot market at existing levels weighed on the precious metal prices.
However, in futures trade on the MCX, gold contracts for April delivery climbed Rs 431 to Rs 85,118 per 10 grams.
Silver futures also increased Rs 234 to Rs 95,820 per kg on the Multi Commodity Exchange (MCX).
Comex gold futures for April delivery appreciated USD 11.25 per ounce to USD 2,911.95 per ounce in the global markets.
“COMEX gold rebounded, following a sharp decline in the previous session as US retail sales figures, coupled with hopes for a lower-than-expected PCE data, which have prompted money markets to price in around 40 basis points of Fed interest rate cuts in 2025,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.
Meanwhile, spot gold at Comex traded 0.49 per cent higher at USD 2,896.68 per ounce.
“Gold resumed trading on a positive note, aided by a pullback in US Treasury yields and a softer US dollar. The dollar index stayed near a two-month low after falling more than 1 per cent last week, dragged down by weaker-than-expected US economic data,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Gandhi highlighted that President Donald Trump’s tariff policies have become increasingly uncertain because of delays, adding to the appeal of gold as a safe haven.
Comex silver futures went up 0.12 per cent at USD 32.89 per ounce. On Friday, the white metal had ended near a record high at USD 34.24 per ounce.
According to Abans Holdings’ Chief Executive Officer Chintan Mehta, investors are closely monitoring the US macro data to be release on Tuesday for further direction for gold prices.
Market participants will await the Federal Open Market Committee (FOMC) meeting minutes and speeches later this week for the US Federal Reserve’s monetary policy signals, Mehta said.
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