Gold climbs Rs 500 to Rs 74,100 per 10 grams; silver rallies Rs 1,000
The precious metal had closed at Rs 73,600 per 10 grams in the previous close on Wednesday
By Newsmeter Network Published on 5 Sep 2024 12:47 PM GMT
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New Delhi: Gold prices climbed by Rs 500 to Rs 74,100 per 10 grams in the national capital on Thursday due to fresh demand by jewellers amid a strong trend in the overseas markets.
The precious metal had closed at Rs 73,600 per 10 grams in the previous close on Wednesday.
Tracking gold, silver also rallied by Rs 1,000 to Rs 84,600 per kilogram on Thursday due to increased offtake from industrial units and coin makers, according to the All India Sarafa Association.
It had finished at Rs 83,600 per kg in the previous trade.
In addition, gold of 99.5 per cent purity jumped by Rs 500 to Rs 73,750 per 10 grams from Rs 73,250.
Domestically, traders attributed the rise in gold prices to a strong trend in the international markets, which influenced the market sentiment to an increased buying from local jewellers.
On the overseas front, Comex gold rose 0.82 per cent higher to USD 2,546.80 per ounce.
"The bullion advanced on Thursday following weaker-than-expected US job data, which bolstered bets on steep rate cuts that provided support for non-yielding metals like gold," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
According to Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Securities, Post the jobs data, market participants have raised the odds of a Fed rate cut on September 18.
The ADP employment report, a reading on the US services industry, and jobless claims data due later on Thursday are also on the radar, Modi added.
Silver also trading higher at USD 29.07 per ounce in the international markets.
"Beige book survey released overnight on Wednesday showed economic activity was flat or declining across most regions in the US in recent weeks dousing any recession worries in the near term," Maneesh Sharma, AVP of Commodities & Currencies at Anand Rathi Shares and Stock Brokers, said.
Traders are placing their bets cautiously amid the upcoming non-farm payrolls report on Friday, which could provide more clarity on the size of interest rate cuts, Sharma added.
