Gold Prices Today: Gold rises by Rs 120, silver rises by Rs 900, impact of strong global signals

Gold and Silver Prices Today: The upward trend continued in the country’s bullion market on Thursday as well. In the capital Delhi, gold closed higher by Rs 120 on Thursday, while silver also closed higher by Rs 900. According to experts, this rise is being seen due to strong global signals.

HDFC Securities has reported that the spot gold rate in Delhi bullion market rose by Rs 120 to close at Rs 72,550 per 10 grams, while in its previous session gold closed at Rs 72,430 per 10 grams. HDFC Securities Research Analyst Saumil Gandhi said, “In Delhi market, the price of 24 carat spot gold closed at Rs 72,550 per 10 grams, which is Rs 120 more than the previous close. The price of silver also rose by Rs 900 to Rs 92,300 per kg. On Wednesday it closed at Rs 91,400 per kg.

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Impact of global market signals

In the international markets, spot gold was trading at US$2,332 per ounce on Comex, up US$5 from its previous close. “Buying trend continued after US traders returned from their holidays. Weak retail sales data and weak inflation data have further strengthened this trend,” said Jatin Trivedi, Vice President and Research Analyst, LKP Securities.

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The impact of the expectation of rate cut

Jatin Trivedi says that given the current situation, expectations of a rate cut in September are increasing, but if any member of the US Fed indicates further delay after September, then there may be a possibility of profit booking in gold. The current support level in gold is very strong in terms of economic data, while high rates for a long time can create selling pressure.

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Silver prices are also at a high

In the international markets, silver prices were at US$ 30.15 per ounce. In the previous session, it closed at US$ 29.40 per ounce. According to Pranav Mer, Vice President, JM Financial Services, “Gold prices are trading in positive territory as the recent survey of the World Gold Council shows that central banks of most countries will continue to diversify their reserves with gold even at the current high prices. Mer also says that the increase in demand for safe haven due to tensions in the Gulf countries and political uncertainty in France is also strengthening gold prices.”