Gold Price Today: The price of gold and silver is rising again. The outlook looks positive, because the Federal Reserve is preparing for a rate cut and on the other hand geo-political tension remains.
Gold Price Today: The price of gold and silver is rising again. On one hand, the possibility is increasing that the Federal Reserve may reduce the interest rate in the next month of September. On the other hand, geo-political tension continues due to the Iran-Israel crisis. In both situations, the demand for gold and silver increases. In the last trading session of the week i.e. on Friday, a big rise of about Rs 1400 was recorded in its price in the Delhi bullion market.
Big jump of Rs 1400 in gold and silver
On August 9, i.e. Friday, gold strengthened by Rs 1100 in the Delhi bullion market and reached Rs 72450 per 10 grams. The price of silver also reached Rs 82500 per kg with a jump of Rs 1400. In the last trading session in the national capital, gold of 99.5 percent purity strengthened by Rs 1,100 to Rs 72,100 per 10 grams, which had earlier closed at Rs 71,000 per 10 grams. Traders attributed the rise in gold prices to fresh demand from local jewelers and a strong trend in international markets.
What is the latest price of 24 carat gold?
According to the information available on the website of IBJA i.e. Indian Bullion Jewelers Association, the price of 24 carat gold was Rs 6966 per gram. The price of 22 carat was Rs 6799, the price of 20 carat was Rs 6200, the price of 18 carat was Rs 5643 and the price of 14 carat was Rs 4493 per gram. The price of 999 purity silver was Rs 80263 per kg.
Gold and silver expected to remain bullish
Kotak Securities commodity analyst Kaynat Chainwala said that despite the Chinese Central Bank refraining from buying gold for the third consecutive month, this metal has gained momentum. Angel One said in its report that JP Morgan, Citi Group believe that the Federal Reserve will cut rates by 50 bps in September. The demand for gold is expected to remain strong for now. On one hand, the Fed rate cut will benefit, and on the other hand, geo-political tension will give a boost to buyers.
What was the price of gold and silver on MCX this week?
Gold for October delivery on MCX closed at Rs 69850 per ten grams this week. Last week it closed at Rs 69789 per ten grams. In such a situation, on a net basis, a strength of Rs 61 was recorded this week. Talking about silver, it closed at the level of Rs 80510 per kg. Last week it closed at the level of Rs 82493. On net basis, a decline of Rs 1983 was recorded this week.
