Gold prices on Friday, August 4, stayed flat at Rs 54,950 per 10 grams in the spot market amid lacklustre demand. In Delhi, the price of 22-carat gold stood flat at Rs 55,100 per 10 grams and that of 24-carat gold was at Rs 60,100 per 10 grams. Silver, however, was down by Rs 200 to Rs 74,800 per kg.
In Mumbai, the prices of 22-carat and 24-carat gold stood at Rs 55,100 per 10 gm and Rs 60,100 per 10 grams, respectively. In Kolkata, gold of 22-carat purity was selling at Rs 54,950 per 10 grams, while that of 24-carat was at Rs 59,950 per 10 grams. In Chennai, 22-carat and 24-carat gold prices were at Rs 55,350 and Rs 60,380, according to goodreturns.in.
Among other cities, in Noida, 22-carat and 24-carat gold prices were at Rs 55,100 and Rs 60,100 per 10 grams. In Lucknow, the prices were Rs 55,100 and Rs 60,100 per 10 grams, respectively. In Patna, 22-carat gold and 24-carat gold prices were Rs 55,000 and Rs 60,000 per 10 grams. In Bhopal also, the latest gold rates were Rs 55,000 and 60,000 for 22-carat and 24-carat golds.
In Kerala, 22-carat gold was selling at Rs 54,950 per 10 grams, while 24-carat gold was at Rs 59,950 per 10 grams.
In the futures market, on the MCX, gold was trading almost flat at Rs 59,445, while silver was marginally down at Rs 72,445.
In the international market, gold was trading marginally higher at $1,937 an ounce, while silver was slightly down at $23.64 an ounce.
Prathamesh Mallya, deputy vice-president (research) of non-agro commodities & currency of Angel One, said, “Gold steadied as euro zone business activity decline prompted safe-haven flows, but remained near three-week lows due to a stronger dollar and higher bond yields. ECB’s cautious stance, falling producer prices, and robust US data affected sentiment.”
Gold fell 0.5 per cent on Wednesday post strong private payrolls, increasing US Fed rate hike expectations. Bank of England’s rate raise and anticipation of US non-farm payrolls report influenced markets. Rising interest rates and dollar strength tempered gold’s appeal.
“We expect gold to trade lower towards 59,100 levels, a break of which could prompt the price to move lower to 58,940 levels,” Mallya said.
Comments
0 comment