Gold and silver become expensive again today, after 5 days of decline, the rise in gold returns, know the latest rate
Stockist Gold prices rose by Rs 700 to Rs 98,520 per 10 grams in the bullion market of the national capital on Wednesday due to the latest purchases of. The All India Bullion Association gave this information. In this way, the process of falling in gold for the last 5 days stopped. On Tuesday, gold with 99.9 percent purity closed at Rs 97,820 per 10 grams. In the national capital, gold with 99.5 percent purity increased by Rs 650 to Rs 98,200 per 10 grams (including all taxes) on Wednesday. It was Rs 97,550 per 10 grams at the time of the last market shutdown. According to the bullion association, silver prices rose by Rs 1,000 to Rs 1,14,000 per kg (including all taxes) on Wednesday. On Tuesday, it was stable at Rs 1,13,000 per kg.
Impact of heavy fall in rupee
Senior analyst (commodity) of HDFC Securities, Soumil Gandhi said that due to a steep fall in the rupee, there was a good increase in gold prices in the domestic market. The rupee declined due to a rise in crude oil prices and uncertain about the US-India trade agreement. The rupee fell 52 paise against the US dollar on Wednesday to 87.43 (temporary) due to uncertainty over the Indo-US trade agreement after US President Donald Trump indicated about 20-25 percent fee rates before the August 1 deadline. Globally, the spot gold was trading at $ 3,330.33 an ounce.
Investors are waiting for economic data
The Kotak Securities, AVP, Jens Research Kayanat Chanwala said that gold is trading with a stable trend, as investors are waiting for the major country of America, including the second quarter GDP (GDP) figures, ADP employment, pending domestic sales and interest rate decisions of Federal Open Market Committee (FOMC). He said that although the Federal Reserve is widely expected to keep the rates unchanged, the market is closely monitoring guidance on the policy approach between acute political pressure and mixed economic signals. However, the silver spot in foreign markets was trading at $ 38.09 an ounce.
Investors’ eye on Federal’s comment
Chintan Mehta, Chief Executive Officer (CEO) of Abson Financial Services, said that investors would also closely monitor the remarks of US Federal Reserve chief Jerome Pavel for any future indication. He said that in addition, GDP figures will provide new information about the strength of the American economy and potentially affect the Federal Reserve’s stance.
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