On Thursday, the price of silver fell by Rs 1,100 per kg in the capital Delhi amid global cues, while there was no change in the price of gold. According to the All India Sarafa Association, the price of gold remained stable at Rs 71,350 per 10 gram, while the price of silver fell by Rs 1,100 to Rs 81,100 per kg. According to Bhasha news, silver had closed at Rs 82,200 per kg in the previous session.
Due to this the price decreased
According to reports, silver prices declined due to weak demand from coin makers and industrial units. In the national capital, gold of 99.9 percent and 99.5 percent purity remained steady at Rs 71,350 and Rs 71,000 per 10 grams, respectively. On the global front, gold was quoted at $ 2,396 an ounce on Comex, up $ 3 from the previous day.
Investors are inclined towards safe assets
Dilip Parmar, Research Analyst, HDFC Securities, said that Comex Gold remained stable after the volatility of the last few days. Investors are leaning towards safe-haven assets with risk-averse sentiment, while weak dollar index and US Treasury yields are auspicious signs for gold prices. Chintan Mehta, Chief Executive Officer, Abans Holdings, says that the prices of the yellow metal have remained stable, as optimism about interest rate cuts by the Federal Reserve (Fed) has made non-yielding assets attractive as a hedge against inflation.
Silver stable in foreign markets
Rising risk aversion as geopolitical tensions continue has kept the fundamentals of the yellow metal strong. Traders will keep an eye on speeches by Fed members for further direction on the monetary policy path, Mehta said. Meanwhile, silver was steady at $26.89 an ounce in overseas markets. Praveen Singh – Associate VP, Fundamental Currencies & Commodities, Sharekhan by BNP Paribas said US unemployment claims data to be released later on Thursday could lead to further volatility in the markets.
Will keep an eye on these going forward
According to Jatin Trivedi, VP Research Analyst – Commodity & Currency, LKP Securities, market participants will also await the upcoming US Consumer Price Index inflation data for July and the non-farm payrolls report in early September will be important in confirming the certainty of interest rate cuts. Trivedi said gold traders should closely monitor these developments to anticipate the future direction of prices.
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