In the national capital, the price of gold fell by Rs 250 to Rs 72,300 per 10 grams on Wednesday. Silver also fell by Rs 900 to Rs 90,600 per kg. According to HDFC Securities, a downward trend has been observed in the prices of precious metals at the global level. According to Bhasha news, gold closed at Rs 72,550 per 10 grams in the last session. Similarly, silver also closed at Rs 91,500 per kg on Tuesday.
24 carat gold price lower than previous close
According to the news, HDFC Securities research analyst Saumil Gandhi said that in Delhi markets, spot gold (24 carat) prices are trading at Rs 72,300 per 10 grams, down by Rs 250 from the previous close. In international markets, spot gold was trading at $ 2,316 an ounce in Comex, down by $ 8 from the previous close. Gandhi said gold came under pressure after the latest hawkish comments from the Federal Reserve policymaker dashed investors’ hopes of monetary policy easing.
Impact of rise in US dollar on gold
Gandhi said that the rise in the US dollar also impacted gold prices. Apart from this, silver also closed at $ 28.95 per ounce. In the previous session, it closed at $ 29.40 per ounce. Despite heavy volatility in the commodity basket, gold futures are stuck in a range, as traders/investors are keeping an eye on US GDP data on Thursday and important PCE inflation data on Friday, which may give some indication about interest rate cuts by the US Federal Reserve.
Expert opinion
Pranav Mer, VP, EBG – Commodity & Currency Research at JM Financial Services, said Fed fund futures are still pricing in more than 65 per cent probability of interest rate cuts in September. According to research analyst Jatin Trivedi, VP, Commodity & Currency at LKP Securities, gold prices remained in a range on Wednesday. The trend appears weak due to recent dollar index pressure.
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