Silver price It also rose Rs 3,150 to Rs 87,150 per kilogram from Rs 84,000 per kilogram at the previous close.
Gold prices registered a steady decline after the Union Finance Minister announced a cut in import duties on the metal in the annual budget for fiscal 2025. On July 23, the yellow metal plunged Rs 3,350 to reach Rs 72,300 per 10 grams.
Meanwhile, on Tuesday, gold with 99.9 per cent purity and 99.5 per cent purity rose by Rs 1,400 each to Rs 74,150 and Rs 73,800 per 10 grams respectively.
Traders attributed the rise in gold prices to increased demand from local jewellers as well as global trends. On the global front, gold is trading higher US Dollar 2,560.10 an ounce, up $18.80 an ounce. Gold extended its gains on Tuesday, boosted by expectations of an aggressive decision by the US Federal Reserve (Fed). interest rate “Comex gold prices have seen some pullbacks,” said Saumil Gandhi, senior commodity analyst at HDFC Securities. According to Kaynat Chainwala, assistant vice president, commodity research at Kotak Securities, Comex gold prices started the week with modest gains, hitting an all-time high of USD 2,549.90 before settling at USD 2,541.
“The rally was driven by safe-haven demand and a weaker dollar amid concerns about the resilience of the US economy, geopolitical tensions and recent comments from the Chicago Fed president that rekindled recession Fears.
“Investors are closely watching the Federal Reserve’s upcoming interest rate decision as policymakers have signaled a cautious stance,” Chainwala said.
Silver is also trading higher at $30.19 an ounce on international markets.
“Gold continues to trade steadily above $2,500 per ounce. Focus will now be on US Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Symposium for clues on the Fed’s interest rate cutting trajectory,” said Pranav Mer, Vice President of Research (Commodities and FX) at BlinkX. JM Financialsaying.
According to Praveen Singh, Associate Vice President, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, key macroeconomic data, including Eurozone CPI, inflation to be released later on Tuesday and which will also provide guidance on bullion prices.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.