The Delhi bullion market saw a decline in gold prices on Friday, while the price of silver recorded a strong rise. Globally weak trend and investors’ vigilance put pressure on gold. According to PTI news, the price of gold with 99.9% purity declined by ₹ 250 to ₹ 1,00,370 per 10 grams, compared to close at ₹ 1,00,620 in the previous session. At the same time, gold with 99.5% purity came to ₹ 150 cheaper to ₹ 1,00,050 per 10 grams (including all taxes), which was ₹ 1,00,200 on Thursday.
Silver jumped, reached ₹ 1,15,000
Unlike gold, silver prices saw a rise. It rose ₹ 1,000 to ₹ 1,15,000 per kg on Friday, which was ₹ 1,14,000 a day earlier.
International market also declines
Spot gold in New York was trading at 0.25% to USD at 3,330.48 an ounce. Spot silver also fell 0.48% to USD 37.96 an ounce. According to Augmont’s research head Renisha Chanani, investors are waiting for the Jackson Hole speech of American Fed Chairman Jerome Powell, which may indicate a monetary policy attitude.
Mirae Asset Sharekhan’s commodity and currency head Praveen Singh said that there is a possibility of cuts in interest rates in September, but Powell may decide its decision based on economic data, as there are currently mixed signs from the US economy.
Gold consumption in India
India is the second largest consumer in the world after China. An average an average of 700–900 tonnes of gold consumes (it can decrease according to the year and price). More than 70% of gold in India is used to make jewelery. More than 60% of India’s gold consumption comes from rural India. People in urban areas are now buying gold for investment objectives rather than jewelery.
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