3 weeks ago
Gold Rises Fourth Day to Rs 1.54 Lakh, Silver Flat
Gold is a shiny metal that people buy to keep their money safe.
In Delhi, the price of gold went up again on Friday.
It was the fourth day in a row that gold got more expensive.
Now 10 grams of gold costs Rs 1,54,000.
The price of silver stayed the same at Rs 2,34,800 for one kilogram.
Gold got costlier because the US dollar became weaker and oil became cheaper.
When the dollar is weak, gold looks like a better deal to buyers around the world.
Big investment groups also bought lots of gold last month.
People are now waiting for a new report about jobs in the United States, which might change prices again.
Gold prices in Delhi rose by Rs 200 to Rs 1,54,000 per 10 grams, marking a fourth consecutive session of gains.
Silver remained unchanged at Rs 2,34,800 per kilogram after a sharp rise in the previous session.
A weaker US dollar, softer crude oil prices, easing inflation expectations and hopes of a shipping arrangement through the Strait of Hormuz lifted bullion demand.
Internationally, spot gold gained about 2 per cent to USD 4,325.43 per ounce, while silver rose over 4 per cent to USD 64.17 per ounce.
Global gold ETFs recorded inflows of 23.5 tonnes in July, and markets await the US non-farm payrolls report for cues on Federal Reserve policy.
- Who
- Local bullion traders in Delhi; analysts Gaurav Garg of Lemonn Markets Desk and Kaynat Chainwala of Kotak Securities commented on the moves.
- What
- Gold prices rose for the fourth consecutive session to Rs 1,54,000 per 10 grams in Delhi, while silver stayed flat at Rs 2,34,800 per kilogram.
- Where
- Delhi (the national capital), tracking international bullion markets.
- When
- Friday, August 7 (PTI dateline: New Delhi, Aug 7).
- Why
- A weaker US dollar, softer crude oil prices, easing inflation expectations, eased supply concerns linked to the Strait of Hormuz and demand ahead of the US non-farm payrolls report lifted bullion prices.
Key facts
- Gold price (Delhi, 99.9% purity)
- Rs 1,54,000 per 10 grams (inclusive of all taxes)
- Gold daily change
- +Rs 200
- Previous gold closing
- Rs 1,53,800 per 10 grams
- Silver price (Delhi)
- Rs 2,34,800 per kilogram (inclusive of all taxes)
- International spot gold
- USD 4,325.43 per ounce (up 2%)
- International spot silver
- USD 64.17 per ounce (up over 4%)
- Global gold ETF inflows (July)
- 23.5 tonnes
- Market focus
- US non-farm payrolls report and Federal Reserve interest rate outlook
Quotes
Kaynat Chainwala
AVP Commodity Research, Kotak Securities
“Gold extended its gains for the fourth consecutive session, with the precious metal heading for its strongest weekly performance since January.”
freepressjournal.in
“Both metals were on course for their strongest weekly performance since January, supported by softer crude oil prices and a weak US dollar.”
freepressjournal.in
Sources
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