Due to buying from stockists and jewelery vendors and weak dollars, the price of gold increased by Rs 200 to Rs 99,400 per 10 grams in the bullion market of the national capital on Thursday. The All India Bullion Association gave this information. Gold with 99.9 percent purity had taken a ‘U-turn’ on Wednesday from the level of one lakh rupees and fell by Rs 2,400 to Rs 99,200 per 10 grams.
Gold with 99.5 percent purity also increased by Rs 200 to Rs 98,900 per 10 grams, while the previous closed price was Rs 98,700 per 10 grams. US Finance Minister Scott Besant said on Wednesday that the current trade standoff between the US and China may continue for some time. In addition, US President Donald Trump has indicated that the next “two to three weeks” could be found for China.
According to commodity market experts, Trump and Besant’s comments have helped revive the demand for a bullion as a bullion as a bullion option after the decline from the highest level of gold so far under technical improvement. On Thursday, silver prices rose by Rs 700 to Rs 99,900 per kg. Silver closed at Rs 99,200 per kg in the previous closed price.
In LKP Securities, Vice President and Research Analyst of Communications and Currency Jatin Trivedi said that gold opened with more than Rs 1,000 and reached Rs 95,700 on MCX, as Comex Gold remained stronger than $ 3,300. The new bounce after a sharp change in the trump administration’s accent shows that the fee may still remain the central part of the negotiation before any concrete trade talks with China begin.
He said that this delay in diplomatic progression, with uncertainty about China’s official reaction, continues to increase the perception of risk. China has not yet released any strong or clear stance on trade discussions, which increases geopolitical mist. Globally, the spot gold increased by $ 47.16, or 1.43 percent to $ 3,335.50 an ounce.
Chintan Mehta, Chief Executive Officer of Abance Financial Services, said that gold prices rose after a short -term decline due to profits as the metal reached a record height. Trump’s latest statement has created uncertainty about the US economic scenario, increasing the demand for gold in the form of safe investment. Kayanat Chanwala, Assistant Vice President (Jens Research) in Kotak Securities, said that the upcoming American large economic figures including unemployment benefits and order of durable items can affect the direction of bullion prices. Silver spotted 0.48 percent in the Asian trading period fell by $ 33.42 an ounce. Edited by: Sudhir Sharma
