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Gold snaps losing streak as weaker dollar supports recovery
Gold prices went up a little in New Delhi on Friday.
This ended four days in which gold prices had fallen.
Some investors bought gold because it had become cheaper.
A weaker US dollar and lower oil prices also helped gold recover.
Silver prices in New Delhi did not change that day.
Even so, both gold and silver lost value over the whole week.
In overseas markets, gold and silver prices also increased.
Experts said stronger US economic data and possible US interest-rate increases could continue to pressure precious metals.
Gold prices in New Delhi rose Rs 200 to Rs 1,52,600 per 10 grams on Friday.
The gain ended gold’s four-session losing streak, helped by bargain buying, a weaker US dollar and lower crude oil prices.
Silver prices were unchanged at Rs 2.37 lakh per kilogram, including taxes.
Despite Friday’s rebound, gold fell Rs 4,000, or 2.5 per cent, during the week, while silver declined Rs 10,000, or 4 per cent.
Spot gold rose nearly 1 per cent overseas to USD 4,301.40 an ounce, while silver gained 1.4 per cent to USD 64.72.
- Who
- Gold and silver traders and investors, with analysis from HDFC Securities and Kotak Securities.
- What
- Gold rose Rs 200 per 10 grams, ending a four-session losing streak, while silver prices remained unchanged locally.
- Where
- New Delhi and overseas bullion markets.
- When
- Friday, September 25.
- Why
- A weaker US dollar, lower crude oil prices, bargain buying and stabilising bond markets supported gold; expectations of further US Federal Reserve tightening remained a headwind.
Key facts
- Domestic gold price
- Rs 1,52,600 per 10 grams for 99.9 per cent purity
- Domestic silver price
- Rs 2.37 lakh per kilogram, inclusive of taxes
- Weekly gold performance
- Down Rs 4,000, or 2.5 per cent
- Weekly silver performance
- Down Rs 10,000, or 4 per cent
- Spot gold
- Up USD 27.73, or nearly 1 per cent, to USD 4,301.40 per ounce
- Spot silver
- Up 1.4 per cent to USD 64.72 per ounce
- US 10-year Treasury yield
- Reached 5.18 per cent, its highest level since 2007
Quotes
Kaynat Chainwala
AVP Commodity Research at Kotak Securities
“Spot gold edged higher on Friday, moving back above USD 4,300 an ounce, while silver climbed to near USD 65, recovering from two sessions of declines. A softer US dollar and stabilisation in bond markets after a sharp rise in yields supported the rebound”
theprint.in
“Gold prices saw a recovery on Friday as some key challenges for precious metals diminished, with crude oil rates and the US dollar retreating from recent highs”
theprint.in
Sources
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