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Gold slips ₹100 and silver plunges ₹600; check full list
3 min read | Updated on August 29, 2024, 18:43 IST
SUMMARY
Gold of 99.5% purity declined ₹100 to ₹73,900 per 10 grams on Thursday. It had settled at ₹74,000 per 10 grams in the previous trade. Traders attributed a fall in gold prices is due to reduced demand by jewellers in the local markets.
The precious metal had ended at ₹74,350 per 10 grams in the previous trade
Gold prices slipped ₹100 to ₹74,250 per 10 grams in the national capital on Thursday, according to the All India Sarafa Association.
The precious metal had ended at ₹74,350 per 10 grams in the previous trade.
Silver prices also plunged by ₹600 to ₹87,200 per kilogram, extending the losses in the second straight session on Thursday from the previous close of ₹87,800 per kg.
Meanwhile, gold of 99.5% purity declined ₹100 to ₹73,900 per 10 grams on Thursday. It had settled at ₹74,000 per 10 grams in the previous trade.
Traders attributed a fall in gold prices is due to reduced demand by jewellers in the local markets.
| Date | 24K Gold | 22K Gold |
|---|---|---|
| 29 Aug 2024 | ₹73,340.00 (0.10%) | ₹67,179.00 (0.10%) |
| 28 Aug 2024 | ₹73,269.00 (-1.26%) | ₹67,114.00 (-1.26%) |
| 27 Aug 2024 | ₹74,203.00 (1.95%) | ₹67,971.00 (1.96%) |
| 26 Aug 2024 | ₹72,781.00 (0.43%) | ₹66,667.00 (0.43%) |
| 25 Aug 2024 | ₹72,466.00 (-0.34%) | ₹66,379.00 (-0.33%) |
| 24 Aug 2024 | ₹72,710.00 (-0.24%) | ₹66,602.00 (-0.25%) |
| 23 Aug 2024 | ₹72,888.00 (-0.66%) | ₹66,766.00 (-0.65%) |
| 22 Aug 2024 | ₹73,369.00 (0.08%) | ₹67,206.00 (0.08%) |
| 21 Aug 2024 | ₹73,312.00 (-0.19%) | ₹67,154.00 (-0.19%) |
| 20 Aug 2024 | ₹73,455.00 (2.00%) | ₹67,284.00 (2.00%) |
On the global front, comex gold is trading at USD 2,555.10 per ounce, higher by USD 17.30 per ounce or 0.68%.
"Gold prices rose on Thursday and traded within a range as traders remained cautious ahead of the release of key US macro data, including US unemployment claims and GDP data," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
This data could influence the US Federal Reserve's monetary policy and provide further direction for gold prices in the near future, Gandhi added.
Check the list of gold rates in major cities of India:
| City | 24K Gold | 22K Gold |
|---|---|---|
| Ahmedabad | ₹72,551.00 | ₹66,457.00 |
| Bangalore | ₹72,336.00 | ₹66,260.00 |
| Chennai | ₹72,551.00 | ₹66,457.00 |
| Delhi | ₹73,340.00 | ₹67,179.00 |
| Hyderabad | ₹73,985.00 | ₹67,770.00 |
| Kurnool | ₹72,551.00 | ₹66,457.00 |
| Kolkata | ₹72,838.00 | ₹66,720.00 |
| Mumbai | ₹73,913.00 | ₹67,705.00 |
| Pune | ₹73,913.00 | ₹67,705.00 |
According to Mohammed Imran – Research Analyst at Sharekhan by BNP Paribas, the gold has remained lacklustre this week as the market awaits Personal Consumption Expenditures (PCE) data on Friday, which could be important to gauge the expectation of the size of interest rate cuts from the US Fed.
Silver was also quoted higher at USD 29.97 per ounce in the international markets.
"Additionally, gold ETFs experienced net inflows valued at USD 403 million, mainly driven by North American funds," Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One, said.
China's net gold imports rose by 17% in July, the first increase since March, suggesting stronger demand that could potentially support global prices, Mallya added.
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