Kolkata: Gold prices have not only been in the news for the past several months, delivering remarkable returns over the past few months but also moving to dizzying heights. On April 22, the price of 24 carat gold breached the Rs 1 lakh per 10 gms mark. The price of the precious metal has again moved very close to the psychologically crucial mark.
According to analysts, one has to keep a watch on developments on the US Dollar and those on the global tariff front. Last week, there was a significant upward push on the price of gold due to the concerns over the unsustainable debt burden in the US and the resultant downgrading of the credit rating of the government by Moody’s. If the demand from jewelers continue on Monday, the price of gold might be in for an upward push.
On Monday, the price of gold 99.9% closed at Rs 98,750 gms according to reports. It was in fact a level lower than the Rs Rs 99,300 witnessed during the day as jewelers kept up buying pressure, according to the All India Sarafa Association. This trade organisation represents the interests of bullion traders, jewellers and other members of the precious metals industry. Silver prices went up too and stood at Rs Rs 1,00,370 per kg, including the 3% GST applicable on silver (and gold).
However, spot price of the precious metal dipped in the global markets and reached $3,332.59 per ounce. The decline was by 24.83% or 0.74%. Market analysts attributed the dip in global spot prices to a softening of the safe-haven demand, which was, in turn, attributed to US President Donald Trump postponing the application of 50% tariff on EU goods. (The new deadline is July 9.)
On the currency front, the Indian rupee dipped 19 paise on Tuesday morning and it 85.29 against the US dollar amid declining FPI fund inflow and tepid equity market sentiment. Currency traders indicated investors preferred to wait and watch as certain economic data are expected to be declared this week. However, crude oil prices declined a bit and it helped the Indian rupee against the dollar.
Gold prices moved close to the Rs 1 lakh per 10 gms mark on Monday, according to All India Sarafa Association. This trade organisation represents the interests of bullion traders, jewellers and other members of the precious metals industry. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
