Due to the impact of overseas markets and the fall in the dollar index, the price of gold has seen a rise for the second consecutive day. There has been a tremendous rise in the price of silver. If we talk about overseas markets, a rise is being seen in the prices of gold futures. A slight fall is being seen in the price of gold. In fact, investors are now waiting for the Federal Reserve meeting. In which a reduction in interest rates will be announced. If the reduction is seen to be more than 0.25 percent, then the price of gold will rise. Otherwise, a further fall is possible. Let us also tell you what the price of gold has been in the capital of the country, Delhi.
Rising gold and silver prices.
On Friday, in the national capital Delhi, the price of gold rose by Rs 100 to Rs 74,200 per 10 grams, while the price of silver rose by Rs 1,200 to Rs 85,800 per kg. In the previous trading session, gold with 99.9 per cent purity had closed at Rs 74,100 per 10 grams. In the last session on Thursday, silver closed at Rs 84,600 per kg. Apart from this, the price of gold of 99.9 and 99.5 per cent purity increased by Rs 100 each to Rs 74,200 and Rs 73,850 per 10 grams respectively. Traders said that rising demand from jewellers and stockists along with rising prices of the precious metal in overseas markets led to the rise in gold prices.
What the experts say
Saumil Gandhi, senior analyst at HDFC Securities, said gold continued to gain ground on Friday as the US dollar and bond yields fell after weak US labour market data reduced customs duties on gold in late July. The country received a boost. Following this cut, there was strong buying by both jewellery retailers and consumers. According to Manav Modi, senior analyst – Commodity Research at Motilal Oswal Financial Services Ltd, after the weak employment data this week, the focus is now on the important data on non-farm payrolls and unemployment rate in the US due on Friday.
