What are the current prices of gold and silver?
After two days, the price of gold has increased in Delhi, the capital of the country. There was no change in the gold prices on Wednesday. While on Thursday, gold had become cheaper. On the other hand, no change has been observed in the silver prices. As far as the overseas markets are concerned, a slight fall is observed in the spot gold price. While silver also seems flat. The inflation figures in Europe have improved than before. Now the US data is heading to the investors. Even after that, some actions will be seen from the investors. Let us also tell you how much the gold price has increased from Delhi to New York.
Gold becomes more expensive in Delhi
A rise of Rs 100 was seen in the price of gold in the national capital Delhi on Friday. Following which the prices rose to Rs 74,350 per 10 grams. In the last trade, the yellow metal with 99.9 per cent purity closed at Rs 74,250 per 10 grams. The rise in gold prices has been seen after two days. Gold had become cheaper on Thursday and there was no change in prices on Wednesday.
Moreover, gold with 99.5 per cent purity rose by Rs 100 to Rs 74,000 per 10 grams from the previous closing price of Rs 73,900 per 10 grams. However, according to All India Bullion Association, silver prices remained stable at Rs 87,200 per kg on Friday. Traders attributed the rise in prices of the yellow metal to increased demand from local jewellers and retailers in the domestic market.
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Gold and silver remain stable in overseas markets
On the other hand, spot gold and silver prices are stable on the Comex market in New York. The spot gold price is quoted at $2,519.84, down slightly by $1.56. At the same time, gold futures have dropped by $6.40, with the price now at $2,553.90 per ounce. On the other hand, spot silver is quoted at $29.52 per ounce, up slightly by 0.33 percent. Silver futures are quoted at $29.93 per ounce, down by 0.21 percent.
What the experts say
Manav Modi, Senior Commodity Research Analyst at Motilal Oswal Financial Services Ltd, said gold prices are trading in a narrow range as the market expects the US Federal Reserve to cut interest rates in September, while on the other hand, expectations due to better US data are setting the profit limit at a higher level.
Modi said geopolitical tension is also rising continuously and gold is gaining support as a safe haven. The US economy has grown at a rapid pace over the past quarter, making any major cuts less likely, while jobless claims have fallen again.
Pranav Mer, Vice President of Research (Commodities and FX) at BlinkX and JM Financial, said that along with the US Federal Reserve, the focus will also be on the European Central Bank’s rate decision next month. It has been observed that the inflation figures are low in the European zone. Due to which the possibility of interest rate cut has increased. The European Central Bank had cut interest rates on June 7 by 0.25 percent.
