Current Gold and Silver Prices: An Overview
In the heart of India’s capital, Delhi, gold prices have witnessed an increase after a two-day pause. On Wednesday, there was no change in gold prices, and while the prices dipped on Thursday, they surged again on Friday. Interestingly, silver prices remained stable throughout this period. In international markets, a slight decline in gold spot prices has been observed, whereas silver shows little movement. Analysts are now closely watching U.S. economic indicators for potential impacts on global gold prices.
Gold Prices Rise in Delhi
On Friday, gold prices in Delhi rose by ₹100, bringing the cost to ₹74,350 per 10 grams. In the previous trading session, the price had closed at ₹74,250 for 99.9% purity. This latest increase marks a rebound after a decrease on Thursday, and no changes were noted on Wednesday. Additionally, the price of 99.5% purity gold also saw a ₹100 rise, hitting ₹74,000 per 10 grams from the previous closing of ₹73,900.
According to the All India Sarafa Association, the price of silver remains unchanged at ₹87,200 per kilogram. Traders have attributed the rise in gold prices to enhanced demand from local jewelers and retailers in the domestic market.
Flat Trends in International Markets
Across the Atlantic, the Comex market in New York is showing steady prices for both gold and silver. Currently, the gold spot price is trading at $2,519.84, reflecting a minor decline of $1.56. Meanwhile, gold futures have dropped by $6.40, reaching $2,553.90 per ounce. In contrast, silver spot prices increased by 0.33%, trading at $29.52 per ounce, while silver futures experienced a slight decline of 0.21%, priced at $29.93 per ounce.
Expert Opinions on Market Trends
According to Manav Modi, Senior Analyst at Motilal Oswal Financial Services Limited, gold prices are currently moving within a limited range. The market is anticipating a potential interest rate cut from the U.S. Federal Reserve in September, which is balanced by positive economic data from the U.S. suggesting robust growth and a firm profit margin. Modi also notes that rising geopolitical tensions are providing support for gold as a safe haven investment.
Pranav Meer, Vice President of Research at BlinkX and JM Financials, emphasized that alongside the U.S. Federal Reserve’s decisions, attention will also shift to the European Central Bank’s interest rate decisions next month. With inflation data in the Eurozone showing a decline, the likelihood of interest rate cuts has increased. Notably, the European Central Bank had previously reduced rates by 0.25% on June 7.
Conclusion
The dynamics of gold and silver prices remain complex, influenced by both domestic demand and international market trends. With analysts closely monitoring economic indicators and central bank policies, investors are advised to stay informed about market movements. Understanding these trends can help in making informed decisions whether for investment or personal purchasing.
| Commodity | Delhi Price (Per 10g/kg) | International Price (Per ounce) |
|---|---|---|
| Gold (99.9% purity) | ₹74,350 | $2,553.90 |
| Gold (99.5% purity) | ₹74,000 | $2,519.84 |
| Silver | ₹87,200 | $29.93 |
