New Delhi: Silver prices surged Rs 1,200 to Rs 85,800 per kilogram, while gold rose Rs 100 to Rs 74,200 per 10 grams in the national capital on Friday, according to the All India Sarafa Association. In the previous session, the precious metal of 99.9 per cent purity had ended at Rs 74,100 per 10 gram.
The silver metal had ended higher at Rs 84,600 per kilogram in the previous session on Thursday. Additionally, gold of 99.9 and 99.5 per cent purity rose Rs 100 each to Rs 74,200 and Rs 73,850 per 10 grams, respectively. Traders attributed the rise in gold prices due to increased demand by jewellers and stockists as well as a jump in the precious metal rates in the overseas markets.
Globally, Comex gold rose 0.22 per cent higher at $2,548.80 per ounce. “Gold extended gains on Friday, as the US dollar and Treasury yields fell following another set of data showing a sluggish US labour market,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Silver also quoted marginally higher at 0.26 per cent to $29.18 per ounce in the international markets. “US jobs data released in recent sessions have shown mixed readings, though it confirmed that the labour market is cooling enough to consider a interest rate cut in September meeting by the US Federal Reserve,” Maneesh Sharma, AVP — Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said.
Following a strong monthly increase in July, gold posted another healthy gain in August to finish 3.6 per cent higher at $2,513 per ounce internationally, according to a report by World Gold Council (WGC). The custom duty cut on gold in India, which took place in late July, has been a shot in the arm for gold demand in the country. The reduction was followed by strong buying interest from jewellery retailers as well as consumers.
Meanwhile, global physically-backed gold ETFs extended their inflow streak to four months while western funds once again contributed to the share of flows, the report said. According to Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, after lower jobs data this week, focus now turns to all-important US non-farm payroll and unemployment rate data to be released later on Friday.
Gold and silver prices rose on Friday as stock markets closed in red on fears of US jobs data indicating onset of recession. Gold prices rose Rs 100 per 10 gm on Friday. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
