Gold Rate: When China increased its gold reserves, the price of gold increased. At the same time, on Thursday, the price of gold in Delhi’s bullion market increased by Rs 500 to Rs 80,900 per 10 grams. In Wednesday’s trading session, the price of gold of 99.9% purity closed at Rs 80,400 per 10 grams. In the last three days, the price of gold has increased by about Rs 2,000. On Thursday, silver also increased by Rs 700 to Rs 97,000 per kg. In Wednesday’s trading session, silver closed at Rs 96,300 per kg. The price of gold of 99.5% purity also increased by Rs 500 to Rs 80,500 per 10 grams. On Wednesday it closed at Rs 80,000 per 10 grams.
Gold traded in a volatile range
Jatin Trivedi, Vice President of Commodity and Currency Analysis at LKP Securities, said, “Gold traded in a volatile range. Minor profit booking was seen at higher levels. Gold prices in Comex remained around $2,720-2,725, while on Multi Commodity Exchange (MCX) gold remained around Rs 79,000. Internationally, Comex gold futures fell $9.70 an ounce, or 0.35%, to $2,747 an ounce.
Gold strengthened due to inflation data
Manav Modi, Commodity Research Analyst, Motilal Oswal Financial Services Limited, said, “After the inflation data in Wednesday’s session, gold crossed $ 2,700. The strength was also boosted by China’s central bank once again increasing its gold reserves. Modi said that any change in expectations of interest rate cut could increase volatility in prices.
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Gold price will increase in bullion market due to American policies
Saumil Gandhi, senior commodity analyst at HDFC Securities, said, “Traders are now focusing on US economic data including Producer Price Index (PPI) and weekly unemployment claims. Gandhi said that apart from this, the monetary policy of the US Federal Reserve and the European Central Bank (ECB) is also likely to affect bullion prices.
Disclaimer: THE TIMES OF BIHAR does not give any advice for any buying or selling related to the stock market. We publish market related analyzes quoting market experts and broking companies. But take market related decisions only after consulting certified experts.
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