14 hrs ago
Gold Prices Rise Second Straight Session Near ₹1.61 Lakh
Gold became more expensive in Delhi for the second day in a row.
Its price rose by ₹1,400 to ₹1,60,900 for 10 grams.
This price includes taxes and is for gold that is 99.9 per cent pure.
Silver did not change in price and remained at ₹2,40,500 per kilogram.
Traders said people in India were still buying gold strongly.
However, investors were waiting for important economic reports from the United States.
These reports may affect interest rates and the value of precious metals.
Weaker employment data could help gold, while stronger data could put pressure on its price.
Gold of 99.9 per cent purity rose ₹1,400 to ₹1,60,900 per 10 grams in Delhi on Friday.
The increase followed a ₹1,400 rise in the previous session, according to local traders.
Silver prices were unchanged at ₹2,40,500 per kilogram in the domestic market.
Traders attributed gold’s rise to firm domestic buying, despite caution before key global economic data.
Spot gold fell marginally to USD 4,465.34 per ounce globally, while silver declined 0.38 per cent to USD 66.72.
- Who
- Gold traders and domestic bullion-market buyers; analysts from Motilal Oswal Financial Services and HDFC Securities provided comments.
- What
- Gold prices rose ₹1,400 to ₹1,60,900 per 10 grams in Delhi, while silver prices remained unchanged.
- Where
- New Delhi’s domestic bullion market, with global prices also reported.
- When
- Friday, September 4; the report does not specify a year.
- Why
- Firm domestic buying supported gold, while investors remained cautious ahead of United States employment and inflation data that could influence interest-rate expectations.
Key facts
- Gold price
- ₹1,60,900 per 10 grams, inclusive of taxes
- Gold purity
- 99.9 per cent
- Daily gold increase
- ₹1,400
- Silver price
- ₹2,40,500 per kilogram, unchanged
- Global spot gold
- USD 4,465.34 per ounce, marginally lower
- Global silver
- USD 66.72 per ounce, down 0.38 per cent
- Upcoming market focus
- United States non-farm payrolls and inflation data
Quotes
Siddhartha Khemka
Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd
“Weaker-than-expected data could extend the dollar's decline and support gold, while stronger figures or renewed hawkish signals from the Fed could revive rate-hike expectations and weigh on prices.”
freepressjournal.in
“Traders are taking a cautious stance ahead of the important August (US) non-farm payrolls report, which is contributing to a range-bound movement in the market.”
freepressjournal.in
Sources
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