Gold rises Rs 300 per 10 g; silver declines Rs 300
Gold prices in the national capital rose by Rs 300 to Rs 73,150 per 10 grams on Wednesday, influenced by international market trends and increased domestic demand. Silver prices fell to Rs 83,200 per kilogram. The rise in gold is attributed to a weaker dollar, lower US Treasury yields, and geopolitical tensions. Comex gold and silver prices also saw gains amid expectations of a potential interest rate cut by the US Fed.
Gold prices rose Rs 300 to Rs 73,150 per 10 grams in the national capital on Wednesday amid a jump in precious metal rates in the international markets. The yellow metal of 99.9 percent purity had ended at Rs 72,850 per 10 grams in the previous session on Tuesday.
However, silver prices declined by Rs 300 to Rs 83,200 per kilogram from Rs 83,500 per kg in the previous close, according to the All India Sarafa Association. Extending gains for the third straight session, gold of 99.9 percent and 99.5 percent purity climbed by Rs 300 each to Rs 73,150 and Rs 72,800 per 10 grams, respectively.
Traders said gold prices saw an uptrend due to a rise in domestic demand as well as global influences. Globally, Comex gold is trading at USD 2,512.30 per ounce, up by USD 4.50 per ounce."Comex gold consolidated near record highs, closing higher for the fifth consecutive session, buoyed by a weaker dollar and decline in US Treasury yields as the US Producer Price Index data rose.
Additionally, "safe haven demand for gold increased due to geopolitical tensions," Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said. Silver was also quoting higher at USD 27.98 per ounce in the international markets. According to market experts, gold prices are trading steady to firm after hitting their all-time highs, as the US dollar and treasury yields are down amid rising expectations for an interest rate cut from the Fed on further signs of cooling inflation.
"The yellow metal is slightly higher ahead of the crucial US Consumer Price Index (CPI) inflation data to be released later on Wednesday."Further, soft inflation data will increase the US Federal Reserve (Fed) interest rate cut possibility and will be positive for gold prices," Praveen Singh - Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.
Weak Chinese demand is bearish for the yellow metal, however, markets are focusing mainly on the US economy and its monetary policy path, Singh added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
05:38 PM IST