Spot gold rose 0.3 per cent to $1,422.67 per ounce in intraday trade, after earlier hitting its highest since July 3 at $1,426. The metal gained 1.5 per cent in the previous session. US gold futures jumped 0.9 per cent to $1,424.70 an ounce.
“The Fed chair’s cautious stance on the US economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold,” Press Trust of India quoted Hareesh V, head (commodity research), Geojit Financial Services, as saying.
Silver ready rose by Rs. 300 to Rs. 39,200 per kg and weekly-based delivery gained Rs. 356 to Rs. 38,356 per kg. However, silver coins held flat at Rs. 81,000 for buying and Rs. 82,000 for selling of 100 pieces.
Globally, gold prices rose to a one-week high, extending gains from the previous session after US Federal Reserve Chairman Jerome Powell’s dovish remarks bolstered expectations of an interest rate cut this month, reported news agency Reuters.
All India Sarafa Association, gold of 99.9 per cent and 99.5 per cent purity surged Rs. 930 each to Rs. 35,800 per 10 gram and Rs. 35,630 per 10 grams, respectively, in Delhi. Sovereign gold also advanced by Rs. 100 to Rs. 27,400 per eight grams.