Gold price in sync with global rates, hits Rs 47,442 per 10 gm

By Jasleen Kaur - July 30, 2021 5:07 pm

In India's capital, gold prices rose by Rs 294 to Rs 47,442 per 10 grams on Friday in line with rally in international precious metal prices.

In the previous trade, gold price in India had closed at Rs 47,148 per 10 grams. In contrast, silver prices declined by Rs 170 to Rs 66,274 per kg, from Rs 66,444 per kg in the previous trade.

Gold prices remain unchanged, fluctuates in some metros. Check rates here - Hindustan Times

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In the international market, gold was trading higher at $1,830 per ounce and silver price was flat at $25.57 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices witnessed strong buying following selling in dollar post the FOMC meeting. The dollar index fell to a four-week low, which boosted buying in the yellow metal."

Navneet Damani, vice-president (commodities research) of Motilal Oswal Financial Services, said, "Gold prices traded higher and are set for their biggest weekly gain in more than two months, as the US Fed governor struck a dovish tone and put cold water on the fears regarding a rate hike and early tapering, hence boosting the safe-haven appeal."

Gold prices today fall for 7th day in a row, down ₹10,000 from record high

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Meanwhile, demand for gold in India during the April-June period increased 19.2 per cent to 76.1 tonne, compared to the same quarter of 2021, according to a report by the World Gold Council (WGC). In April-June 2021, demand stood at 63.8 tonne.

Gold rises to 15-wk high as trade-conflicts, rate cut hopes fuel demand

Dhanteras and the upcoming season, which has more auspicious wedding days in Q4 2021 compared to the previous year, appear positive for demand. For the gold investment segment, however, attractive equity markets and volatile gold prices are strong headwinds.

- PTC News

 

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