Gold prices rose on Thursday due to fresh demand from jewellers amid the strengthening trend in overseas markets. What is special is that there has been a decline in gold prices in recent days. After three or four consecutive days of decline, an increase in the price of gold was observed in the country’s capital. Gold prices have also risen significantly in overseas markets.
If experts are to be believed, the US employment figures have been weak. Due to which the possibility of interest rate cut by the Federal Reserve has increased. Due to which gold prices are seen to be getting support in markets across the world. Let us also tell you what has been the price of gold and silver from Delhi to New York.
Gold and silver rose in Delhi
In Delhi, the national capital of the country, the price of gold rose by Rs 500 to Rs 74,100 per 10 grams. On Wednesday, gold closed at Rs 73,600 per 10 grams. Apart from this, the price of gold with 99.5 per cent purity rose by Rs 500 to Rs 73,750 per 10 grams, against Rs 73,250 per 10 grams in the previous trading session. According to All India Bullion Association, the price of silver also rose by Rs 1,000 to close at Rs 84,600 per kg. Silver prices rose due to increased consumption by industrial units and coin makers. In the previous trading session, silver had closed at Rs 83,600 per kg. Domestically, traders attributed the rise in gold prices to the strong trend in international markets, which had a favourable impact on market sentiment and increased purchases by local jewellers.
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Gold prices soar on foreign markets
Speaking of foreign markets, the gold futures price on the Comex market in New York has seen an increase of 23 dollars per ounce and the price has reached 2,549 dollars per ounce. On the other hand, the spot gold price is quoted at 2,518.06 dollars per ounce with an increase of more than 22 dollars per ounce. An increase of 2.62 percent was recorded in the silver futures on Comex and the price reached 29.31 dollars per ounce. On the other hand, an increase of 2.40 percent is observed in the spot silver price and the price is quoted at 28.95 dollars per ounce.
What the experts say
Saumil Gandhi, senior commodity analyst at HDFC Securities, said bullion prices rose on Thursday after weaker-than-expected US jobs data raised expectations of a sharp interest rate cut. Gold is getting support from this. According to Manav Modi, senior commodity research analyst at Motilal Oswal Financial Securities, after the jobs data, market participants are expecting an interest rate cut by the Federal Reserve on September 18. Silver was also trading at $29.07 per ounce in international markets.
