Gold prices rose by ₹ 300 on Thursday in the national capital Delhi, which now reached the level of ₹ 1,01,570 per 10 grams. According to PTI news, gold with 99.9% purity closed at ₹ 1,01,270 per 10 grams on Wednesday, climbing ₹ 300 to ₹ 1,01,570 on Thursday. At the same time, gold with 99.5% purity gained ₹ 200 to ₹ 1,01,000 per 10 grams (including all taxes). It closed at ₹ 1,00,800 on Wednesday. This increase has been seen at a time when the crisis in the US about the freedom of Federal Reserve is deepening. Investors have moved to a safe investment option like gold after President Donald Trump threatened to remove Federal Governor Lisa Cook.
Why increased price?
According to market analysts, there are many global factors behind this rise in gold prices. The US dollar saw a rapid trend in gold prices due to weakness in US dollar, expecting a possible interest rate of the Federal Reserve and global uncertainty and political stress related to tariffs. However, there was no change in silver prices on August 28. It remained stable at ₹ 1,20,000 per kg (including all taxes), which is the highest level ever.
Impact of controversy over Federal Reserve in America
According to Soumil Gandhi, Senior Commodity Analyst of HDFC Securities, gold has been supported due to a decline in dollar and a trend towards safe investment. The growing collision between Trump and Fed Governor Lisa Cook is causing concern in the market. Significantly, preparations are being made by Lisa Cook to file a case against the Trump administration, so that his dismissal can be stopped. The dispute has taken the form of a constitutional debate over the autonomy of the Federal Reserve.
Global market also strengthened
Gold prices also rose globally. Spot Gold is trading at $ 3,405.55 an ounce with a gain of $ 8.09 (0.24%). AVP Commodity Research Kayant Chanwala of Kotak Securities said that gold prices remain above $ 3,390 an ounce. Investors are now waiting for the second quarter GDP, unemployment figures and signs of monetary policy of the US. At the same time, Spot Silver is trading at $ 38.97 an ounce with a gain of 1%.
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