Gold and Silver Price Today : The bullion market of the country witnessed a bullish trend on Thursday. The prices of both gold and silver closed with a rise. In the capital Delhi, the price of gold rose by Rs 500 per 10 grams and the price of silver rose by Rs 1000 per kg.Apart from the fresh demand from jewellers, strong trends in the international market and US economic data have also contributed to this rise in gold and silver prices. In the coming days, the market will also keep an eye on the possibility of interest rate cut by the Federal Reserve and job-related data, due to which further changes can be seen in the prices of precious metals.
Reasons for the increase in gold prices
On Wednesday, gold closed at Rs 73,600 per 10 grams, but on Thursday it rose by Rs 500 to Rs 74,100. Gold of 99.5% purity also rose to Rs 73,750 per 10 grams, which was Rs 73,250 the previous day. The reason for this increase in gold prices is believed to be the strength in the international markets. Apart from thisThe increasing demand from local jewelers has also contributed to the rise in prices. At the same time, gold rose 0.82% to US $ 2,546.80 per ounce in the international market.
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Silver is also in a bullish trend
On the lines of gold, silver prices also rose by Rs 1,000, taking it to Rs 84,600 per kg. On Wednesday, silver closed at Rs 83,600 per kg. According to the All India Sarafa Association, this rise in silver prices is due to increased demand from industrial units and coin makers.There was a rise in the price of silver in the international market too, where it was trading at US$ 29.07 per ounce.
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Impact of US job data
According to HDFC Securities Senior Analyst Saumil Gandhi, “Gold prices have risen after the US job data was weaker than expected. This has increased expectations of interest rate cuts, which support non-yielding metals like gold.” Apart from this, Motilal Oswal Financial Securities Senior Analyst Manav Modi said that after the job data came out, the possibility of the US Federal Reserve cutting interest rates on September 18 has increased.
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what could happen next
The market is also eyeing the non-farm payroll report to be released on Friday, which can further clarify the situation about the size of the interest rate cut. Manish Sharma, commodity expert at Anand Rathi Shares and Stock Brokers, said that “According to the Beige Book Survey released on Wednesday night, economic activity in the US has either remained flat or declined in recent weeks. This has reduced the chances of recession in the near future.”
