Gold falls ₹250 to ₹1,00,370/10 g; silver rallies ₹1,000

Gold prices fell ₹250 to ₹1,00,370 per 10 grams in the national capital on Friday amid a weak global trend, according to the All India Sarafa Association.

The precious metal of 99.9% purity had closed at ₹1,00,620 per 10 grams on Thursday.

In the national capital, gold of 99.5% purity slipped ₹150 to ₹1,00,050 per 10 grams (inclusive of all taxes) on Friday. It had settled at ₹1,00,200 per 10 grams in the preceding session.

However, silver prices rallied by ₹1,000 to ₹1,15,000 per kilogram (inclusive of all taxes) on Friday. The white metal had ended at ₹1,14,000 per kg on Thursday, according to the Association.

On the global front, spot gold was trading 0.25% lower at $3,330.48 per ounce in New York.

Spot silver also went down by 0.48% to trade at $37.96 per ounce.

"Gold and silver prices are staying within a narrow range as traders await significant movements in anticipation of US Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium, which could provide clues about the direction of monetary policy stance," Renisha Chainani, Head - Research at Augmont, said.

According to Praveen Singh, Head of Commodities and Currencies at Mirae Asset ShareKhan, the September interest rate cut is highly likely, as Fed Chair Powell may make it data-dependent due to mixed signals on the US economy.