On Thursday, the rupee not only brought the dollar to the knees, but also collapsed gold. Due to the strength of the rupee, there was a decline in the price of gold in the local market and came to the level of 98 thousand rupees. By the way, the price of gold was seen a rise a day earlier. By the way, there is an increase in the price of gold in foreign markets. While the price of silver is seen by more than 2.50 percent. According to experts, the prices of gold can be seen in the coming days. Let us also tell you how much gold prices have gone in the country’s capital Delhi.
Gold became cheaper in Delhi
According to the All India Bullion Association, the price of gold fell by Rs 500 to Rs 98,020 per 10 grams in the country’s capital Delhi on Thursday due to strengthening of the rupee. On Wednesday, gold with 99.9 per cent purity closed at Rs 98,520 per 10 grams. In the national capital, gold with 99.5 per cent purity fell by Rs 400 to Rs 97,800 per 10 grams (including all taxes) on Thursday. In the last market session, it had increased by Rs 650 to Rs 98,200 per 10 grams. Apart from this, the price of silver also fell by Rs 2,000 to Rs 1,12,000 per kg (including all taxes) on Thursday. On Wednesday, it closed at Rs 1,14,000 per kg.
Tariff did not affect the rupee
The rupee rose 22 paise against the US dollar on Thursday to 87.58 (provisional), after US President Donald Trump announced a 25 percent tariff on Indian imports and a fine on the purchase of 25 percent tariffs and Russian crude oil on the US dollar amid low prices of crude oil and suspected intervention of RBI. The rupee closed at an all -time low of 87.80 against the US dollar on Wednesday after the US announced a 25 percent tariff on Indian imports in the absence of a trade deal before the deadline of August 1.
Role of US GDP data
Gold prices declined on Thursday as positive American large economic figures strengthened the US dollar, which increased the pressure on the bullion. Somil Gandhi, Senior Analyst (Commodities) of HDFC Securities, said the latest GDP data indicates that the US economy has increased in the second quarter, which has created uncertainty about the outlook of interest rates. In global markets, spot gold rose $ 29.10 or 0.89 percent to $ 3,304.14 an ounce. Silver spotted in the foreign market fell 2.22 percent to $ 36.30 an ounce.
Indication received from Fed’s policy
According to the Vice President (Commodities and Currency) Research Analyst Jatin Trivedi of LKP Securities, after the US Federal Reserve maintained an aggressive stance, gold prices fluctuated and weakness were seen, which indicated no interaction of interest rates in the near future among the current concerns. Kayanat Chanwala, AVP-modal research of Kotak Securities, said the market participants would closely monitor the upcoming US major economic figures including individual consumption expenditure (PCE) index and unemployment claims for further guidance on the monetary policy.