Gold And Silver Price Update: Gold prices on Friday rose by Rs 592 to Rs 51,750 per 10 grams in the national capital amid a rise in international precious metal prices.
In the previous trade, gold had closed at Rs 51,158 per 10 grams. Silver also rose by Rs 1,335 to Rs 56,937 per kg from Rs 55,602 per kg in the previous trade. In the international market, gold was trading at $ 1,747 an ounce, while silver was stable at $ 19.38 an ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices rose after the US Federal Reserve hiked key interest rates by 75 bps in line with market expectations.”
While America central bank Federal Reserve on Thursday raised the policy interest rate for the second consecutive time by 0.75. percentage has increased. The steps taken by the central bank to bring the skyrocketing inflation under control are considered to be the most aggressive in three decades. This move of the Federal Reserve will have an impact on consumer and business loans from 2.5 to 2.5 percent. This is the highest level since 2018.
And Gold prices on Thursday rose by Rs 440 to Rs 51,160 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold for delivery in August was trading higher by Rs 440 or 0.87 per cent at Rs 51,160 per 10 grams in a business turnover of 1,299 lots. Analysts said fresh positions by traders mainly led to the rise in gold prices.
Silver prices on Friday rose by Rs 1,596 to Rs 56,440 per kg in futures trade as participants raised their bets on firm spot demand. On the Multi Commodity Exchange, silver for September delivery was up by Rs 1,596, or 2.91 per cent, at Rs 56,440 per kg in 19,151 lots.
Market analysts said the rise in silver prices was mainly due to fresh positions by participants amid a positive domestic trend. Globally, silver was trading 4.38 per cent higher at $ 19.42 an ounce in New York. Globally, gold was trading 1.43 per cent higher at $ 1,762.30 an ounce in New York.
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