Today there was noise in gold and silver, prices rose strongly, note the latest rate before shopping
Gold prices were recorded by ₹ 600 on Thursday in the national capital, causing 10 grams of gold to reach ₹ 1,00,620. According to the All India Bullion Association, this has gained momentum due to the latest demand made by wholesale buyers. On Wednesday, gold with 99.9% purity closed at ₹ 1,00,020 per 10 grams. According to PTI news, gold with 99.5% purity on Thursday increased by ₹ 500 to ₹ 1,00,200 per 10 grams (including all taxes), which was ₹ 99,700 in the previous session.
Why the price of gold increased?
Somil Gandhi, Commodity analyst of HDFC Securities, said the prices were at a three -week low on Wednesday, after which investors started purchasing at ‘Bargain Boying’ i.e. cheaper rates. In addition, there was also an increase in safe haven demand internationally. He said that the concern over the US Central Bank’s independence has increased after former US President Donald Trump demanded resignation from a Federal Reserve governor, which weakened the dollar and supported gold.
Silver prices rose by ₹ 1,500
The price of silver was also seen on Thursday. Its price rose ₹ 1,500 to ₹ 1,14,000 per kg (including tax), while on Wednesday it was ₹ 1,12,500 per kg.
How is the condition of global market
Spot gold in New York fell 0.28% to USD 3,339.04 an ounce. Spot silver also fell 0.32% to USD 37.78 per ounce. Kayanat Chanwala, AVP (Commodity Research) of Kotak Securities, said that investors are waiting for the US economic figures, including the figures of jobless claims, PMI and house sales. In addition, everyone’s eye is on the speech of Fed Chair Jerome Powell in Jackson Hole Simposium.
Like last year, if monetary policy also indicates softening, gold prices can be seen further. The minutes of the Fed’s July meeting also indicate that there is still vigilance on inflation and employment and the possibility of cutting interest rates is currently low.
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