Gold prices fell by ₹ 200 on Monday in the national capital Delhi. This decline was seen due to weakness in global markets and selling of domestic stockists. The All India Bullion Association said on August 25 that, gold with 99.9% purity came down to ₹ 1,00,170 per 10 grams, which closed at ₹ 1,00,370 on Friday. At the same time, gold with 99.5% purity came to ₹ 150 cheaper to ₹ 99,900 per 10 grams (including all taxes). Its price was ₹ 1,00,050 in the previous session. According to PTI news, there was no change in the price of silver and it remained stable at ₹ 1,15,000 per kg (including all taxes).
International market declines
Spot Gold in New York was trading at 3,363.45 an ounce in New York, while the spot silver fell 0.17% to USD to come to 38.78 per ounce. Commodities and currency chief Praveen Singh in Mirae Asset Sharekhan said that gold is trading with a weak trend on Monday, but if the US employment market is weak, the Federal Reserve will increase the pressure of interest rates in interest rates, which can see the rapid rise in gold.
Federal Reserve policy and possibilities
The Vice President (Commodities) of Mehta Equality, Rahul Caller, said that last week, there was a sharp jump in gold-silver prices following the dowish statement of Fed Chair Jerome Powell at Jackson Hole Simposium. Powell indicated that it is possible to cut interest rates after December. However, he also said that frequent inflation and slow economic activity can prevent the Federal Reserve from aggressive rate cuts, which can limit the speed of precious metals.
GDP data will also be monitored
According to Ogent’s research head Reneesha Chanani, the US Q2 GDP data released this week will affect the Federal Reserve’s next monetary policy direction and the notion of the bullion market. Significantly, the next FOMC meeting of the US Federal Reserve is proposed on 16-17 September. Gold prices continue to fluctuate in recent times. However it remains in a range. However, in view of geopolitical tension, it is being said that gold can increase to Rs 1,15,000 per 10 grams by the end of the year.
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