Gold prices traded flat at ₹82,400 per 10 grams while silver prices dropped by ₹1,500 per kg in the national capital on Thursday, according to the All India Sarafa Association.

The precious metal had rallied ₹1,000 to breach the ₹82,000 per 10 grams level for the first time in Delhi on Wednesday.

Gold of 99.5 per cent purity also ruled flat at ₹82,000 per 10 grams -- its all-time high level -- on Thursday.

However, silver was under selling pressure and fell below the ₹1 lakh mark, declining by ₹1,500 to ₹99,500 per kg after five straight days of gains. It had closed at ₹1.01 lakh per kg on Wednesday.

Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery declined ₹308 or 0.39 per cent to trade at ₹79,428 per 10 grams.

Silver contracts for December delivery plunged ₹1,016 or 1.04 per cent to ₹96,724 per kg on the bourse.

"Gold prices witnessed slight profit-taking as traders preferred to secure gains from recent rallies ahead of Friday’s key events -- the Non-Farm Payroll (NFP) and unemployment reports," Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.

Currently, gold is trading around ₹79,400 in MCX, and facing a resistance at ₹79,600, while Comex shows a hurdle near $2,790 per ounce. The upcoming US election next week is expected to be a decisive factor for gold's trend, with market participants closely watching its outcome for further direction, Trivedi said.

In the international markets, Comex gold futures were trading 0.36 per cent lower to $2,790.80 per ounce.

"Gold is expected to range trade ahead of the US nonfarm payroll and ISM manufacturing reports slated to be released on Friday, which will provide directions for the US Fed monetary policy interest path," Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

Silver also traded 1.28 per cent lower to $33.64 per ounce in the Asian market hours.

"Moving forward, market participants are now awaiting crucial US macroeconomic data, including inflation and non-farm payroll reports, which could shed light on the pace of the US Federal Reserve's interest rate cuts.

"Recent data has indicated the resilience of the US economy, fuelling the ongoing debate over the size of interest rate cuts for the remainder of the year," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

According to MP Ahammed, Chairman, Malabar Group, this festive period has been a great one for Malabar Gold & Diamonds, as it recorded a turnover of ₹3,484 crore this Diwali, a 30 per cent rise over last year's ₹2,680 crore.

The growth reflects the resurgence of demand in the Indian jewellery market, fuelled by robust consumer sentiment and a two-day Dhanteras muhurat that allowed a larger window for buyers.

The gold sector nationwide saw record-breaking sales as well, with estimates suggesting transactions totalling up to 39 tonnes, or nearly ₹19,500 crore, driven by favourable monsoon conditions, rising gold prices, and increasing consumer preference for gold as a stable asset.

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