Gold plunges Rs 400; silver rallies Rs 800
Gold rose slightly as geopolitical uncertainty continued to provide support for precious metals
By Newsmeter Network Published on 16 Aug 2024 12:23 PM GMT
New Delhi: Gold prices plunged Rs 400 to Rs 72,750 per 10 grams in the national capital on Friday, according to the All India Sarafa Association.
The precious metal had closed at Rs 73,150 per 10 grams in the previous session. The commodity markets were closed on Thursday on the occasion of Independence Day.
Silver prices rallied Rs 800 to Rs 84,000 per kilogram from Rs 83,200 per kg in the previous close. Meanwhile, gold of 99.5 per cent purity declined by Rs 400 to Rs 72,400 per 10 grams. In the previous session, it ended at Rs 72,800 per 10 grams.
On the global front, Comex gold is trading at USD 2,500.90 per ounce, up by USD 8.50 per ounce.
"Gold rose slightly on Friday as geopolitical uncertainty continued to provide support for precious metals. However, stronger US retail sales and jobless claim data released on Thursday suggest robust consumer spending, reducing concerns about recession risk in the US and dampening aggressive interest rate-cut expectations, potentially limiting further gains in precious metals," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
However, silver was quoting lower at USD 28.66 per ounce in the international markets.
"Comex gold closed 0.5 per cent higher at USD 2,492.4 per ounce on Thursday, as mixed US data with easing Consumer Price Index inflation and stronger retail sales did not provide any fresh insights on the US Federal Reserve's monetary policy path," Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.
Inputs from PTI
