Check Today’s Gold and Silver Rates
Check Today’s Gold and Silver Rates
Gold prices rose for the second straight session, climbing by Rs 1,400 to nearly Rs 1.61 lakh per 10 grams in the national capital on Friday.
The yellow metal of 99.9 per cent purity climbed by Rs 1,400 to Rs 1,60,900 per 10 grams (inclusive of all taxes) from Thursday’s closing level of Rs 1,59,500 per 10 grams, according to local traders.
However, silver prices were unchanged at Rs 2,40,500 per kilogram.
Traders said the rise in gold prices came as buying interest remained firm in the domestic bullion market, even as investors turned cautious ahead of key global economic data that could influence the trajectory of interest rates and outlook for precious metals.
Domestic silver prices have corrected over 40 per cent from the January peak of above Rs 4 lakh per kg to around Rs 2.3 lakh-2.4 lakh per kg, but investment demand remains subdued, raising concerns over dealer inventories, Siddhartha Khemka – Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.
“Around 2,000 tonnes of silver ordered by Indian dealers could add to the inventory overhang if demand does not recover,” he said.
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Globally, spot gold fell marginally to USD 4,465.34 per ounce, while silver traded 0.38 per cent lower at USD 66.72 per ounce.
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“Traders are taking a cautious stance ahead of the important August (US) non-farm payrolls report, which is contributing to a range-bound movement in the market,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
Gandhi said market attention is firmly focused on the US employment data, followed by next week’s inflation figures, for further cues on the US Federal Reserve’s monetary policy outlook.
“Weaker-than-expected data could extend the dollar’s decline and support gold, while stronger figures or renewed hawkish signals from the Fed could revive rate-hike expectations and weigh on prices,” he added.