Expectations of good news from the US on the inflation front have increased. Experts say that the US inflation figures for August may be lower than those of July. Due to which the Federal Reserve may cut interest rates by more than expected, i.e. by 0.50 percent. Due to which a fall is being seen in the dollar index and its effect is being seen on gold prices from Delhi to New York. At the Comex market in New York, the spot gold price is flat after the rise. On the other hand, a slight rise is being observed in spot silver prices. Due to which a rise in gold and silver prices is being observed at the Delhi bullion market.
Gold becomes more expensive in Delhi
Amid fresh buying by jewellers, the price of gold in the country’s capital Delhi rose by Rs 600 to Rs 74,100 per 10 grams on Tuesday. In the previous trading session on Monday, gold with 99.9 per cent purity had closed at Rs 73,500 per 10 grams. Apart from this, the price of gold with 99.5 per cent purity increased by Rs 400 to Rs 73,750 per 10 grams. In the last trading session, it had closed at Rs 73,350 per 10 grams. According to All India Bullion Association, the price of silver also rose by Rs 700 to Rs 84,500 per kg. Its previous closing price was Rs 83,800 per kg. Traders said that due to rising domestic demand, a rise in gold prices was seen.
Gold and silver in foreign markets
On the other hand, if we talk about the foreign markets, the prices of both gold and silver appear flat. Currently, gold futures are trading flat on the Comex market at $2,534.90 per ounce. On the other hand, the spot silver price is quoted at $2,506.40. On the other hand, silver futures prices are showing a slight increase of 0.45 percent and prices have dropped to $28.78 per ounce. Spot silver prices are trading at $28.46 per ounce with an increase of 0.38 percent.
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What the experts say
Manish Sharma, AVP – Commodities & Currencies, Anand Rathi Shares & Stock Brokers, said that gold prices held above the $2,500 level at the start of the European session on Tuesday as traders awaited the US inflation report due in the coming days. Be reluctant to place bets. Even after that, there was not much rise in gold prices in overseas markets. What is special is that experts predict that there may be a decline in inflation. So the US Federal Reserve may cut interest rates by 50 basis points.
