Gold Prices Recover from 5-Month Low, Silver Rates Slip

Gold Silver Reports (GSR) – In Delhi, gold rates of 99.9% and 99.5% purity edged up by Rs 25 each to Rs 30,825 and Rs 30,675 per 10 grams, respectively. The yellow metal had lost Rs 350 in the last two days.             

Gold prices recovered by Rs 25 to Rs 30,825 per 10 grams on Thursday on scattered buying by local jewellers despite weak global cues, reported PTI. In global markets, gold prices extended fall to a one-year low as the US dollar firmed after US Federal Reserve chairman Jerome Powell asserted the need for further interest rate hikes amid a strong economy.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight grams in limited deals, the report said. Silver, on the other hand, remained under selling pressure and fell another Rs 50 at Rs 39,150 per kg due to offtake by industrial units and coin makers, report added.

Global spot gold rate was down 0.2% at $1,223.56 an ounce at 12.33pm. The precious metal slipped to its lowest since July last year at $1,220.41 an ounce earlier in the session. US gold futures for August delivery were 0.4% lower at $1,223.20 an ounce.

Moreover, the Indian rupee weakened past the 69-mark against US dollar, tracking losses in its Asian peers after Chinese yuan fell to a one year low. The currency opened at 68.68 a dollar and touched a low of 69.01 a dollar. So far this year, the rupee has weakened 7.4%, while foreign investors have sold $964.30 million and $6.36 billion in equity and debt markets, respectively.     

Powell in a congressional testimony said that he believed US was on course for years more of steady growth, and carefully played down the risks to the economy of an escalating trade conflict. However, manufacturers in the country worried about the impact of tariffs, a Fed report showed, even as the US economy continued to expand at a moderate to modest pace.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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