Gold opens New Year on firm note; silver slides in futures trade

New Delhi: Gold futures started the new year on a firm note and edged higher by Rs 119 to Rs 1,35,566 per 10 grams on Thursday as investors remained cautious amid limited global cues.

On the Multi Commodity Exchange (MCX), the yellow metal for February delivery moved in a narrow range after opening higher. It pared early gains due to increase in demand by the stockists.

Gold futures was trading higher by Rs 119, or 0.09 per cent, to Rs 1,35,566 per 10 grams in a business turnover of 15,782 lots. It had closed at Rs 1,35,447 per 10 grams on Wednesday.

It had touched a lifetime high of Rs 1,40,465 per 10 grams on December 26.

Silver futures too started the New Year on a positive note, but could not sustain the momentum and slipped into losses. The white metal for March contract declined by Rs 450, or 0.19 per cent, to Rs 2,35,251 per kilogram in 13,211 lots.

The metal finished at Rs 2,35,701 per kg in the previous market session. It had scaled a fresh peak of Rs 2,54,174 per kg on December 29.

Traders said bullion prices remain range-bound as the domestic market was open for the day session, with MCX closed for the evening session on Thursday.

On the global front, Comex gold futures for February delivery slipped by USD 25, or 0.57 per cent, to close at USD 4,332.10 per ounce in New York on Wednesday. The precious yellow metal had climbed to record USD 4,584 per ounce on December 26.

Silver futures also dropped by USD 7.33, or 9.37 per cent, to finish at USD 70.89 per ounce in the overseas trade. The white metal had surged to touch a record of USD 82.67 per ounce on December 29.

Meanwhile, US markets remained closed on Thursday on account of the New Year's Day holiday, limiting cues for precious metals.