The price of gold rose by Rs 600 to Rs 1,00,620 per 10 grams in the bullion market of the national capital on Thursday amid fresh buying by stockists. The All India Bullion Association gave this information. The price of gold with 99.9 percent purity was closed at Rs 1,00,020 per 10 grams on Wednesday.
In the national capital, gold with 99.5 percent purity rose by Rs 500 to Rs 1,00,200 per 10 grams (including all taxes) on Thursday. In the last session, it was Rs 99,700 per 10 grams.
In the previous session, gold prices fell on Thursday after falling at a three -week low, demand for safe investment and bargaining.
Soumil Gandhi, Senior Analyst (Jens), HDFC Securities, said, “The demand for the resignation of the Governor of the Federal Reserve by President Donald Trump promoted a new demand for safe investment, which increased concerns about the central bank’s freedom.”
Gandhi further stated that after this comment, the US dollar fell below its recent high level, leading to more support for gold prices.
According to the union, apart from this, silver prices rose by Rs 1,500 to Rs 1,14,000 per kg (including all taxes) on Thursday. On Wednesday, it closed at Rs 1,12,500 per kg. In international markets, Gold, spotted in New York, was trading at $ 3,339.04 an ounce in New York.
AVP Jens Research in Kotak Securities, Kayanat Chanwala said, “Gold remains stable around $ 3,340 an ounce as investors are waiting for major American large economic figures including unemployment claims, PMI and sale of existing houses.”
He said that however, the main focus remains on the speech of the Federal Reserve chief Jerome Pavel at the Jackson Hole Seminar as investors are keeping a close watch on the signs of change in monetary policy, especially after last year’s comments, which indicated the introduction of the cycle of cuts cuts. ‘
Meanwhile, the details of the July July meeting of the US Federal Reserve have revealed that the authorities are cautious about inflation and labor market, and most believe that it is too early to cut interest rates. Language edited by: Sudhir Sharma
