Gold Price Today on 3rd July 2024 : In line with the strong trend in international markets, gold on Wednesday closed at Rs 72,550 per 10 grams in the bullion market of the national capital, up by Rs 50. In the previous trading session, gold had closed at Rs 72,500 per 10 grams. Apart from this, the price of silver also rose by Rs 300 to Rs 91,300 per kg. In the previous session, it had closed at Rs 91,000 per kg. HDFC Securities research analyst Saumil Gandhi said, “In Delhi markets, spot gold prices (24 carats) stood at Rs 72,550 per 10 grams, which is Rs 50 higher than the previous closing price.
Waiting for data to come from America
Gold remained at Rs 74,650 per 10 grams in the local markets of the national capital, market sources said. Silver remained at Rs 92,300 per kg. Gandhi said gold remained in a limited range with marginal gains on Wednesday as traders await the release of US macroeconomic data. This may provide new information about the timing of the Federal Reserve’s interest rate cut.
Gold and silver globally
In global markets, spot gold was at $ 2,339 an ounce in Comex, up four dollars from its previous close. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd, said, “Gold and silver prices have risen after continuous trading for the last few sessions, while the dollar index declined. Investors have taken note of the remarks of Federal Reserve Chairman Jerome Powell and are awaiting US employment data coming later this week for more indications about US interest rate cuts.” Powell reiterated his hawkish stance from the recent Federal Reserve meeting in his speech. He said the unemployment rate is still very low and the Federal Reserve does not expect two percent inflation this year or next year. Powell said the Federal Reserve needs more data before any decision on interest rate cuts otherwise it will once again pose a risk of rising inflation. Apart from this, silver also remained at $ 29.80 an ounce. In the previous session, it closed at $ 29.50 an ounce.
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