Gold costs on Tuesday contacted a record high of Rs 38,770 for each 10 gram in the national capital in the wake of picking up Rs 200 on industrious purchasing from gem dealers even as the valuable metal lost steam abroad, as indicated by the All India Sarafa Association. Silver, be that as it may, dove Rs 1,100 to Rs 43,900 for every kg on diminished offtake by modern units and coin creators.
Despite weak trend overseas, the precious metal gained in the domestic spot market mainly on an increase in demand from jewelers, traders said. Besides, a weaker rupee also supported the surge in the yellow metal, they added.
“Globally, spot gold held steady near USD 1,500 an ounce weighed down by a strong US dollar and higher-level profit-booking. However, traders remain cautious on taking big positions ahead of the key economic events like the US Federal Reserve’s July meeting minutes and Jackson Hole seminar later this week,” said Hareesh V, head (commodity research), Geojit Financial Services.
The US Federal Reserve will commence its yearly Economic Policy Symposium not long from now in Jackson Hole, Wyoming, where its seat Jerome Powell is relied upon to talk on Friday.
He further added that the meeting is expected to offer cues on further interest rate cuts that may influence the trend of the yellow metal. “At the same time, domestic gold prices edged higher to due to a weak Indian rupee”. Meanwhile, in the international market, spot gold was trading lower at 1,496.60 an ounce in New York and silver was down at USD 16.93 an ounce. In the national capital, gold of 99.9 percent and 99.5 percent purity gained Rs 200 to Rs 38,770 and Rs 38,600 per 10 gram, respectively.
The valuable metal had contacted its past unequaled high of Rs 38,670 for every 10 gram on Saturday. Sovereign gold on Tuesday, in any case, dropped Rs 200 to 28,600 for every eight grams. Silver prepared dove Rs 1,100 to 43,900 for every kg, while week after week based conveyance fell Rs 113 to Rs 43,422 for each kg. Silver coins exchanged lower and dropped by Rs 2,000 to Rs 89,000 for purchasing and Rs 90,000 for selling of 100 pieces.