Gold price increases by ₹62; silver jumps ₹579
PremiumReflecting the international market trend, gold prices increased by ₹62 to ₹51,131 per 10 grams on Friday. Silver showed an improvement of ₹579 to ₹55,540 per kg
After seeing the lowest fall in a month, gold prices in India continue to increase for the last two days. Gold prices increased by ₹62 to ₹51,131 per 10 grams on Friday. Whereas, Silver showed an improvement of ₹579 to ₹55,540 per kg.
In the previous trade, the yellow metal had closed at ₹51,069 per 10 grams. Silver also jumped by ₹579 to ₹55,540 per kg from ₹54,961 in the previous session. Gold traded at a higher level in the international market at USD 1,727 per ounce. Silver traded at USD 18.84 per ounce.
"Gold prices traded higher with spot gold prices at COMEX rising by more than 1 per cent to USD 1,727 per ounce. Gold prices recovered on weaker dollar," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.
Notably, Gold was undergoing its monthly low for the past few days. The beginning of this month saw a huge dip in the gold price by ₹500 on 1 September. On Tuesday, the gold futures dipped to ₹50,421 per 10 grams on MCX. However, the yellow metal is showing some improvement in the market in the past few days.
On Thursday, European Central Bank increased the interest rate by 75 basis points. This was well predicted by the market experts and investors. This might have led to a spike in the gold and silver prices at the international market. Any change in the stance of monetary policy of Europe or US has a significant impact on precious metal market as well as other stock market. Traders are also expecting to witness a jump in interest rate hike by the US Federal Reserve at its policy meeting going to be held on 20-21 September.
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(With inputs from PTI)
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