Gold Silver Reports (GSR) – The rise in gold prices could be attributed to sharp falls in global stock markets that would drive investors to the safe-heaven asset gold, and weakening of the dollar. Despite Trump’s intervention, the dollar was near one-year highs as Fed chairman Jerome Powell said US was poised for several more years of growth, strengthening prospects of rate hikes.
Silver prices surged by ₹ 750 to ₹ 39,900 per kg on Friday on the back of increased offtake by industrial units amid firm global cues, reported PTI.
Silver coins, however, remained unaltered at ₹ 74,000 for buying and ₹ 75,000 for selling of 100 pieces. In global markets, silver rates were up 0.3% at $15.31 an ounce, but still down about 2.8% this week.
Gold prices edged higher by ₹ 15 to ₹ 30,840 per 10 grams on sustained demand by local jewellers, added the report. Global gold prices inched up from one-year lows after US President Donald Trump expressed concern about the strength of the dollar and interest rate increases by the Federal Reserve, pushing the greenback lower.
In Delhi, gold rates of 99.9% and 99.5% purity edged higher by ₹ 15 each to ₹ 30,840 and ₹ 30,690 per 10 grams, respectively. It precious metal had gained ₹ 25 on Thursday.
Globally, spot gold prices rose 0.1% to $1,223.71 an ounce and US gold futures were flat at $1,223.50 an ounce. But gold was still down 1.4% this week, with little sign of an end to the slide in prices that has shaved more than 10 percent off gold’s value since mid-May.
The Indian rupee recovered from its all-time low as state-run banks sold dollars, reported Bloomberg, citing two Mumbai-based traders. The rupee closed at 68.85, up 0.29% from its previous close of 69.05. It opened at 68.97.
