In the capital city of India, New Delhi, a noticeable dip in the prices of gold and silver has been observed. Conversely, on the New York Comex market, gold prices are witnessing an upward trend. Experts suggest that investors are exhibiting considerable caution ahead of the upcoming U.S. economic data. Furthermore, there are rumors that the Federal Reserve may cut interest rates in September, which could lead to a surge in gold prices in the following month. Let’s delve into the specifics of the gold and silver prices from New Delhi to New York.
Falling Gold and Silver Prices in Delhi
According to the All India Sarafa Association, on Thursday, the prices of gold in the national capital dropped by ₹100 to ₹74,250 per 10 grams. The previous closing was ₹74,350 per 10 grams. Similarly, silver prices also fell by ₹600, reaching ₹87,200 per kilogram, marking a decline for the second consecutive day. On Wednesday, silver was priced at ₹87,800 per kilogram. In terms of purity, gold with 99.5% purity also saw a price reduction of ₹100, settling at ₹73,900 per 10 grams, down from ₹74,000 in the last trading session. Traders attribute this decline in gold prices to a dip in local market demand for jewelry.
Rising Gold and Silver Prices in New York
Meanwhile, the New York Comex market is observing gains in both gold and silver prices. By 7 PM, the price of gold futures increased by $6.30, reaching $2,544.10 per ounce. Additionally, the gold spot price rose by $9, trading at $2,513.69 per ounce. In the same vein, silver futures saw an increase of 0.65%, trading at $29.78 per ounce, while silver spot prices also rose by 0.63%, reaching $29.31 per ounce.
Market Insights from Experts
According to Soumil Gandhi, a senior analyst at HDFC Securities, gold prices have fluctuated and remained within a certain range as traders adopted a cautious approach ahead of critical U.S. macroeconomic data, including unemployment claims and GDP figures. Gandhi noted that this data could influence the U.S. Federal Reserve’s monetary policy and provide direction for gold prices in the near term.
Prathamesh Malhotra, the research head for non-agricultural commodities and currencies at Angel One, mentioned a significant inflow of $403 million into gold ETFs, primarily driven by North American funds. Additionally, he highlighted that China’s net gold imports surged by 17% in July, marking the first increase since March. This robust demand is likely to bolster global prices in the future.
Current Prices Overview
| Location | Gold Price (per 10 grams/ounce) | Silver Price (per kilogram/ounce) |
|---|---|---|
| New Delhi | ₹74,250 / — | ₹87,200 / — |
| New York | $2,544.10 (futures) / $2,513.69 (spot) | — / $29.78 (futures), $29.31 (spot) |
Conclusion
The differing trends in gold and silver prices in New Delhi and New York highlight the ongoing fluctuations in the global commodities market, influenced by a combination of local demand and international economic indicators. Investors are advised to stay alert and informed as economic data emerges, potentially affecting future price movements.
