Due to heavy buying by stockists, the price of gold increased by Rs 800 to Rs 98,820 per 10 grams in the bullion market of the national capital on Tuesday. The All India Bullion Association gave this information. In the last trading session, gold with 99.9 percent purity was priced at Rs 98,020 per 10 grams.
Gold with 99.5 percent purity in the national capital increased by Rs 700 to Rs 98,500 per 10 grams (including all taxes) on Tuesday. On Monday, its price was Rs 97,800 per 10 grams.
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Sumil Gandhi, Senior Analyst (Commodities) of HDFC Securities, said that gold prices rose on Tuesday due to the demand for gold as a safe investment and the increasing consensus to resume the cuts in interest rates in next month’s meeting by the US Federal Reserve.
He said that due to the soft -stamped comments of the Federal Reserve officials and the disappointing employment market report of last week, the upcoming meeting of the Federal Reserve among traders in September has raised expectation of major interest rates. This has increased the enthusiasm of gold traders. ”
According to the bullion association, silver prices rose by Rs 2,000 to Rs 1,12,000 per kg (including all taxes) on Tuesday. In the last trading session, the price of silver closed at Rs 1,10,000 per kg.
Praveen Singh, Associate Vice-Pressurer (Currency and Component) of Mirae Asset Share Khan, said, “The fall in the US factory order in June rose by about 0.30 percent on Monday and it closed at $ 3,375 an ounce on Monday.”
He said that the warning of a heavy duty on India on oil purchases from Russia on Russia has also brought gold to gold and the Indian rupee came down to Rs 88 per dollar in NDF market. ”Meanwhile, the spot gold in New York fell by $ 20.95 to $ 3,352.61 an ounce in New York.
Kayanat Chanwala, AVP (commodity research) of Kotak Securities, said, “Gold remains stable around $ 3,430 an ounce as the markets are waiting for the ISM services PMI and the US’s latest trade balance data to be released.” Internationally, the spot silver remained stable at $ 37.39 an ounce. Language edited by: Sudhir Sharma
