Gold prices, firmed up by Rs. 30 to Rs. 30,650 per 10 gram at the bullion market on Friday on the back of firm overseas cues amid buying by local jewellers, reported.
Silver also staged a recovery and traded higher by Rs. 50 to Rs. 37,850 per kg due to increased offtake by industrial units and coin makers. Traders said apart from a firm trend overseas, scattered buying by local jewellers to meet the ongoing festive season demand at domestic spot market, mainly attributed the recovery in the gold prices.
Things to know about gold, silver prices today:
1. Globally, gold rose on Friday after falling in the previous session, as the dollar eased and markets awaited a speech by the Federal Reserve chairman for fresh clues on the direction of US monetary policy, reported .
Spot gold was up 0.3 per cent at $1,188.96 an ounce in the early-day trade, after falling 0.9 per cent on Thursday. Prices have risen about 0.3 per cent so far this week. US gold futures were up 0.1 per cent at $1,195 an ounce.
2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs. 30 each to Rs. 30,650 and Rs. 30,500 per 10 gram, respectively. It had lost Rs. 30 in yesterday’s trade. Sovereign gold, however, remained flat at Rs. 24,500 per piece of 8 gram in limited deals.
3. Gold investors will watch key developments in the US closely, say analysts. “US may post core durable goods orders for July on lower side. Further, traders would focus on the Federal Reserve’s chairman Jerome Powell’s speech at the Jackson Hole due today,” said Jigar Trivedi – Fundamental Research Analyst-Commodities, Anand Rathi Commodities.
4. Silver prices also followed a similar trend. Silver ready rebounded by Rs. 50 to Rs. 37,850 per kg, while weekly-based delivery drifted down by Rs. 130 to Rs. 36,620 per kg due to speculative selling.
5. On the other hand, silver coins continued to trade at the previous level of Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.>