Gold and Silver Price Today: Friday was a day of softness for the Indian bullion market. There was a decline in the prices of both gold and silver. The price of gold fell by Rs 350 per ten grams, while the price of silver also slipped by Rs 200 per kg. International factors are being considered responsible for the softening of the prices of precious metals. Experts believe that due to the increase in the US Treasury yield and improvement in the dollar index, there was a decrease in the demand for precious metals on Friday, due to which the prices of precious metals remained soft.
Gold and silver prices fell in Delhi
On Friday, the price of gold in Delhi’s bullion market fell by Rs 350 to Rs 73,800 per 10 grams. The price of silver also fell by Rs 200 to Rs 87,000 per kg. Whereas during the last trading session it was at Rs 87,200 per kg.
The recent RBI Monetary Policy Committee (MPC) meeting also had an impact on the prices of precious metals. According to the meeting, Reserve Bank Governor Shaktikanta Das said that the current rate of 6.5 percent is broadly balanced and any justification for easing the policy at this time may be misleading. Governor Das and three other members voted on the repo rate in the MPC, while two members advocated a cut in the interest rate.
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How was the trend in the foreign market
Talking about the international market, the price of spot gold in Comex was trading at $2,534.90, up by $18.20. At the same time, the price of silver was also trading at $29.84 per ounce with a gain of 1.24 percent.
Minutes from the US Federal Reserve’s July meeting indicated a rate cut next month, a move backed by at least some officials. Speculators had hyped the possibility of a deep rate cut before the end of the year; they have now reduced their bets and are anticipating three 25 basis point cuts in the remaining three Fed policy meetings this year, down from the four cuts announced two days ago, said Saumil Gandhi of HDFC Securities. This has helped Treasury yields and the dollar index recover from recent lows, he said.
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A Federal Reserve official believes that the market is expecting a possible cut in interest rates by the US Central Bank, in such a situation gold is likely to get support. Investors are waiting for the statements of Federal Reserve Chairman Jerome Powell to come out on Friday. In fact, his statements are likely to give indications of where the price of gold will go in the coming days.
