Gold Silver Rate: Amid fresh purchases by jewelery and retail sellers and fall in the rupee, the price of gold in Delhi’s bullion market has increased by Rs 500 to Rs 81,300 per 10 grams. This is its two-month high level and All India Bullion Association has given this information. On Wednesday, the price of gold closed at Rs 80,800 per 10 grams. Today on Thursday, the price of gold of 99.5 percent purity increased by Rs 500 to Rs 80,900 per 10 grams. In the last trading session it had closed at Rs 80,400 per 10 grams.
Strong rise in the price of silver
The price of silver also increased by Rs 2300 to Rs 94,000 per kg, which had closed at Rs 91,700 per kg on Wednesday.
What is the condition of gold and silver in the global market?
Globally, Comex gold futures rose by $ 19.70 an ounce to $ 2,737.50 an ounce. Comex silver futures were also trading 1.28 percent higher at $ 31.94 an ounce in Asian market hours.
What are commodity experts saying?
Jatin Trivedi, Vice President and Research Analyst (Commodity and Currency), LKP Securities, said that the rise in COMEX gold in international markets came after the release of US CPI data for December, which was as per expectations. Jatin Trivedi said that although lower than expected core CPI inflation has provided additional support to gold prices. Soft inflation data has strengthened expectations of the Federal Reserve continuing to cut rates, which has boosted gold’s rise.
Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said that market participants will keep an eye on important US macro economic data like retail sales and Philadelphia Fed Manufacturing Index to be released on Thursday, which can help in giving further direction to bullion prices.
Weakness recorded in rupee
On Thursday, the rupee weakened by 16 paise and closed at 86.56 (provisional) against the US dollar. The rupee has declined due to the strengthening of the dollar abroad, high prices of crude oil and withdrawal of foreign money.
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