Key Takeaways:
- Gold prices fell by Rs 400 per 10 grams while silver prices surged by Rs 800 per kg in India.
- Comex gold is trading at USD 2,500.90 per ounce, up by USD 8.50 per ounce.
- Global gold and silver prices are influenced by geopolitical uncertainty and US economic data.
Gold and Silver Rates in India and Global Markets:
| Metal | Rate | Change |
|---|---|---|
| Gold (per 10 grams) | Rs 72,750 | -Rs 400 |
| Silver (per kg) | Rs 84,000 | +Rs 800 |
Gold prices in India fell by Rs 400 per 10 grams to Rs 72,750, while silver prices surged by Rs 800 per kg to Rs 84,000. In the global market, Comex gold is trading at USD 2,500.90 per ounce, with a modest increase of USD 8.50 per ounce.
Geopolitical uncertainty continues to support gold prices, although US economic data showing strong retail sales and jobless claim figures have dampened interest rate-cut expectations, potentially limiting further gains in precious metals.
Expert Insights:
According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, stronger US retail sales and jobless claim data reduce concerns about a US recession, which could limit precious metals’ gains. Comex gold closed 0.5% higher at USD 2,492.4 per ounce on Thursday.
On the other hand, silver was quoting lower at USD 28.66 per ounce in the international markets. Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, noted that mixed US data did not provide any fresh insights on the US Federal Reserve’s monetary policy path.
FAQs:
1. What caused the fall in gold prices in India?
The fall in gold prices in India was influenced by stronger US retail sales and jobless claim data, reducing concerns about a US recession and easing interest rate-cut expectations.
2. Why did silver prices surge in India?
Silver prices surged in India due to geopolitical uncertainty and global market factors, even though silver was quoting lower in international markets at USD 28.66 per ounce.
3. How is Comex gold performing in the global market?
Comex gold is trading at USD 2,500.90 per ounce, with a modest increase of USD 8.50 per ounce, supported by geopolitical uncertainty and mixed US economic data.
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