3 weeks ago

Gold Hits Two-Month High of ₹1.57 Lakh Per 10 Grams

Gold Hits Two-Month High of ₹1.57 Lakh Per 10 Grams
Gold Hits Two-Month High Of ₹1.57 Lakh Per 10 Grams As Bullion Rally Defies Oil Price Surge · freepressjournal.in

Gold is a shiny yellow metal that many people buy when they want a safe place to keep their money.

In Delhi, India, the price of gold went up for six days in a row.

On Tuesday, it reached its highest level in more than two months, costing Rs 1,57,200 for ten grams.

That is about one and a half lakh rupees.

Traders are buying more gold to feel safe, especially before the United States shares its new inflation report.

That report can give clues about what the Federal Reserve, America's central bank, might do with interest rates.

Silver, another precious metal, also got more expensive, at Rs 2,42,000 per kilogram.

Meanwhile, in world markets, gold and silver prices dipped a little because oil became pricier.

Oil prices rose because of tension over the Strait of Hormuz, a busy waterway for oil tankers, and Iran said the US was preparing for a military operation.

Now everyone is waiting for the US inflation numbers to see where gold prices go next.

Key facts

Gold price (99.9% purity, Delhi)
Rs 1,57,200 per 10 grams (incl. all taxes)
Daily rise
Rs 1,200
Monday's closing level
Rs 1,56,000 per 10 grams
Six-session gain
Rs 9,800 (6.65%)
Level on August 3
Rs 1,47,400 per 10 grams
Silver price (Delhi)
Rs 2,42,000 per kg (incl. all taxes)
Global spot gold
USD 4,373.43 per ounce (down 0.38%)
Global spot silver
USD 64.90 per ounce (down ~1.3%)

Quotes

Praveen Singh

Head of Commodities at Mirae Asset ShareKhan

“Gold extended its rally for a sixth consecutive session, climbing to its highest level in more than two months as investors increased safe-haven buying ahead of the US inflation data, which could provide fresh clues on the Federal Reserve's interest-rate outlook”
freepressjournal.in
“The US July consumer price report due on Wednesday, followed by producer price numbers scheduled for Thursday, will offer fresh signals on the Federal Reserve's monetary policy outlook”
freepressjournal.in

Sources

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