In Delhi, the capital of the country, a fall in the prices of gold and silver has been observed. On the other hand, an increase in the price of gold is observed on the Comex market in New York. According to experts, investors seem to be quite cautious before the release of the economic data from the United States. On the other hand, the Federal Reserve may cut interest rates in the month of September. So, there may be an increase in the price of gold in the next month. Let us also tell you what the price of gold and silver has been from New Delhi to New York.
Cheap Gold and Silver in Delhi
According to the All India Bullion Association, gold prices in the national capital Delhi on Thursday fell by Rs 100 to Rs 74,250 per 10 grams. In the last trade, the precious metal closed at Rs 74,350 per 10 grams. Silver prices also fell by Rs 600 to Rs 87,200 per kg. Silver prices have seen a fall for the second consecutive day. On Wednesday, silver prices fell and closed at Rs 87,800 per kg. Meanwhile, gold with 99.5 per cent purity also fell by Rs 100 to Rs 73,900 per 10 grams on Thursday. In the last trade, it had closed at Rs 74,000 per 10 grams. Traders attributed the fall in gold prices to the decline in demand for jewellery in local markets.
There was a boom in New York
On the other hand, the Comex market in New York is seeing an increase in the prices of both gold and silver. If we look at the data, at 7:00 p.m. the price of gold futures has increased by $6.30 per ounce and is now at $2,544.10 per ounce. On the other hand, spot gold is trading at $2,513.69 per ounce, an increase of $9 per ounce. On the Comex market, silver futures are trading at $29.78 per unit, an increase of 0.65 percent. Meanwhile, the price of silver spot is trading at $29.31 per ounce, an increase of 0.63 percent.
read this too
What do the experts say?
Gold prices rose on Thursday and traded in a range as traders remained cautious ahead of the release of key US macroeconomic data, including jobless claims and US GDP data, said Saumil Gandhi, senior commodity analyst at HDFC Securities. Gandhi said that this data may influence the US Federal Reserve’s monetary policy and provide further direction for gold prices in the near future.
Prathamesh Mallya, executive vice president of non-agricultural commodities and currencies research at Angel One, said gold ETFs saw net inflows of $403 million, driven primarily by North American funds. Mallya said China’s net gold imports rose 17 percent in July, the first increase since March, indicating strong demand that could potentially support global prices.
