On Friday, The All India Sarafa Association reports that the price of gold in the nation’s capital fell by Rs 400 to Rs 72,750 for ten grammes. In the previous session, the price of the precious metal had finished at Rs 73,150 per 10 grammes.
On Thursday, in honour of Independence Day, the commodities markets were closed. The price of silver increased by Rs 800 from the previous closure of Rs 83,200 per kg to Rs 84,000 per kg. A decrease of Rs 400 was observed in the price of 10 grammes of 99.5% pure gold. It closed at Rs 72,800 per 10 grammes in the previous session.
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, quoted, “Gold rose slightly on Friday as geopolitical uncertainty continued to provide support for precious metals. However, stronger US retail sales and jobless claim data released on Thursday suggest robust consumer spending, reducing concerns about recession risk in the US and dampening aggressive interest rate-cut expectations, potentially limiting further gains in precious metals.”
Globally, Comex gold is now selling at USD 2,500.90 per ounce, up USD 8.50 from the previous session. On the other hand, silver was trading at a lower price on international markets, at USD 28.66 per ounce.