Gold Price Climbs to Rs 1,00,620; Silver Surges
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Gold prices rise amid safe haven demand and bargain buying. Silver surges. US Fed policy & Trump comments impact prices.
Photograph: ANI Photo
New Delhi, Aug 21 (PTI) Gold prices climbed Rs 600 to Rs 1,00,620 per 10 grams in the national capital on Thursday amid fresh buying by stockists, according to the All India Sarafa Association.
The yellow metal of 99.9 per cent purity had settled at Rs 1,00,020 per 10 grams on Wednesday.
In the national capital, gold of 99.5 per cent purity jumped Rs 500 to Rs 1,00,200 per 10 grams (inclusive of all taxes) on Thursday. The precious metal had closed at Rs 99,700 per 10 grams in the previous session.
"Gold prices rose on Thursday, driven by safe haven demand and bargain buying after the price fell to a three-week low in the previous session.
"The renewed demand for safe haven was spurred by President Donald Trump's call for the resignation of a Federal Reserve governor, which raised concerns about the central bank's independence," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Following this comment, the US Dollar retreated from its recent high, further supporting gold prices, Gandhi added.
In addition, silver prices surged by Rs 1,500 to Rs 1,14,000 per kilogram (inclusive of all taxes) on Thursday. It had finished at Rs 1,12,500 per kg on Wednesday, according to the association.
In the international markets, spot gold was trading 0.28 per cent lower at USD 3,339.04 per ounce in New York.
"Gold is holding steady near USD 3,340 per ounce as investors await key US macroeconomic data, including jobless claims, PMIs, and existing home sales.
"However, the main focus remains on Fed Chair Jerome Powell's speech at the Jackson Hole Symposium as investors are watching closely for signs of a monetary policy shift, particularly after last year's remarks signalled the start of a rate-cutting cycle," Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
Meanwhile, minutes from the US Federal Reserve's July meeting revealed that officials remain cautious about inflation and the labour market, with most considering it too soon to cut interest rates.
Spot silver also went down by 0.32 per cent to USD 37.78 per ounce.
The yellow metal of 99.9 per cent purity had settled at Rs 1,00,020 per 10 grams on Wednesday.
In the national capital, gold of 99.5 per cent purity jumped Rs 500 to Rs 1,00,200 per 10 grams (inclusive of all taxes) on Thursday. The precious metal had closed at Rs 99,700 per 10 grams in the previous session.
"Gold prices rose on Thursday, driven by safe haven demand and bargain buying after the price fell to a three-week low in the previous session.
"The renewed demand for safe haven was spurred by President Donald Trump's call for the resignation of a Federal Reserve governor, which raised concerns about the central bank's independence," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Following this comment, the US Dollar retreated from its recent high, further supporting gold prices, Gandhi added.
In addition, silver prices surged by Rs 1,500 to Rs 1,14,000 per kilogram (inclusive of all taxes) on Thursday. It had finished at Rs 1,12,500 per kg on Wednesday, according to the association.
In the international markets, spot gold was trading 0.28 per cent lower at USD 3,339.04 per ounce in New York.
"Gold is holding steady near USD 3,340 per ounce as investors await key US macroeconomic data, including jobless claims, PMIs, and existing home sales.
"However, the main focus remains on Fed Chair Jerome Powell's speech at the Jackson Hole Symposium as investors are watching closely for signs of a monetary policy shift, particularly after last year's remarks signalled the start of a rate-cutting cycle," Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
Meanwhile, minutes from the US Federal Reserve's July meeting revealed that officials remain cautious about inflation and the labour market, with most considering it too soon to cut interest rates.
Spot silver also went down by 0.32 per cent to USD 37.78 per ounce.
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