New Delhi: The price of gold surged by Rs 700 per 10 gm to Rs 76,350 per 10 gm on Friday tracking a global surge in rates of the precious metals. Gold Comex prices stood at $2,638.40 per ounce, up 0.91 per cent on the day. Gold spot rates rose 0.92 per cent to $2,610.63 per ounce.
Across the world, gold prices have witnessed a surge after the US Federal Reserve slashed the policy rate by 50 bps to 4.75-5 per cent. Geopolitical tension stoked by the recent freak pager and walkie-talkie bombings in Lebanon has also added to the surge in the precious metal’s rates.
To be sure, gold prices tapered after an initial spike following the FOMC announcement owing to the Fed’s commentary that it was in no hurry to cut rates. However, expectations of lower funding costs may continue to provide support to the price of the precious commodity, said Ole S Hansen, head of commodity strategy at Saxo Bank.
This has also been sped up by demand for gold ETFs from asset managers, Hansen added. India’s gold imports rose over 2X to $10.06 billion in August 2024 from $4.93 billion in the year-ago period, after the Centre slashed customs duty on gold imports. Festive demand may also have had a part to play in the rising demand leading to the rally in gold prices, according to data shared buy the Commerce Ministry.
Silver prices today
Silver prices stood at $31.54 per ounce in global markets Thursday. In India, silver prices were flat at Rs 91,000 per kg. Silver contracts rose by Rs 145 to Rs 90,113 per kg on the MCX exchange.
How high can #GOLD go? USD2,645 seems likely, possibly higher. See why here#Silver bullish and could be testing 35.50 #XAUUSD #XAGUSD @Ole_S_Hansen https://t.co/8HW4JQoMfH pic.twitter.com/kcKovkzYj1
— Kim Cramer Larsson (@Cramers_Corner) September 20, 2024
This has also been sped up by demand for gold ETFs from asset managers, Hansen added. Investors are likely to witness better value in silver compared to gold, said Hansen. Silver prices remained below their $50 per ounce price record set in 2011, he added.
Gold Price Today in India: The price of the precious metal surged by Rs 700 per unit to Rs 76,350 per 10 gm, tracking global rates. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
