Gold and Silver Price today: Friday was a bullish day for the Indian bullion market. There was a jump in the prices of gold and silver. In Delhi, the price of gold increased by Rs 50 per ten grams, while the price of silver increased by Rs 400 per kg. The increase in demand in the domestic market has been blamed for the slight increase in the price of gold. Apart from this, it is also being said that due to international factors, the prices of gold and silver have again started rising after falling for three consecutive sessions.
Gold and silver prices rise after softening in the last 3 sessions
Amid a strong trend in foreign markets, the price of gold in Delhi’s bullion market on Friday returned to its upward trend after falling for the last three sessions and it strengthened by Rs 50 to Rs 70,700 per 10 grams. In the previous trading session, gold had closed at Rs 70,650 per 10 grams. The All India Sarafa Association said that the price of gold of 99.9 percent and 99.5 percent purity rose by Rs 50 each to Rs 70,700 and Rs 70,350 per ten grams respectively. The price of silver also rose by Rs 400 to Rs 84,400 per kg. In the previous trading session, silver had closed at Rs 84,000 per kg.
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Traders attributed the rise in gold prices to increased demand from jewellers in the domestic market and a strong trend overseas. On Thursday, gold prices fell by a massive Rs 1,000 to Rs 70,650 per 10 gram, while silver fell by Rs 3,500 to close at Rs 84,000 per kg. The government on Tuesday announced reduction in basic customs duty on several products, including gold and silver, from 15 per cent to 6 per cent. Following the announcement, gold prices fell by Rs 3,350 to Rs 72,300 per 10 gram and silver by Rs 3,500 to close at Rs 87,500 per kg in the national capital.
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How was the price of gold and silver in the international market
Talking about the international market, the price of one ounce spot gold in Comex was trading at $ 2,416.40 with a rise. At the same time, the price of silver was trading at $ 27.89 per ounce with a slight decline.
Jatin Trivedi of LKP Securities said all eyes are on the US Federal Reserve’s policy meeting next week regarding a possible interest rate cut in September. Saumil Gandhi said that investors were eyeing the US Personal Consumption Expenditure (US PCE) price inflation data coming on Friday, which is likely to ease pricing pressure, prompting traders to increase their bets on rate cuts and potentially providing support for gold. According to Pranav Mer of JM Financial Services, gold seems to be consolidating in a range after falling sharply at the beginning of the week. Moreover, its prices in the international market remain above the support level of US $ 2,348-2,350 and are facing resistance at US $ 2,405/2,433 an ounce.
Meanwhile, gold futures rose by Rs 294 or 0.44 per cent to Rs 67,756 per 10 grams on the Multi Commodity Exchange (MCX). The most traded August contract rose by Rs 528 to reach the day’s highest level of Rs 67,990 per 10 grams. Apart from this, silver for September delivery rose by Rs 59 or 0.07 per cent to Rs 81,390 per kg. In foreign markets, gold remained at $ 2,416.40 an ounce. However, silver declined marginally to $ 27.89 an ounce in New York.
