Gold prices in India on Friday, September 8, were slightly higher amid increased demand in the spot market. In Delhi, the gold price stood at Rs 55,150 per 10 grams for 22-carat purity and that of 24-carat at Rs 60,150. Silver prices were at Rs 74,000 per kg.
In Mumbai, gold prices stood at Rs 55,000 and Rs 60,000 per 10 grams for 22-carats and 24-carats, respectively. In Kolkata also, the prices were the same. In Chennai, gold prices stood at Rs 55,300 and Rs 60,330 for 22-carats and 24-carats, respectively.
In Bengaluru, the gold price was at Rs 55,000 and Rs 60,000 per 10 grams. In Thiruvananthapuram also, the gold prices stood the same.
In the futures market, gold was trading marginally higher at Rs 59,130 per 10 grams and silver was up by Rs 72,081 per kg on the MCX.
In the international market, gold was up at $1,924.9 an ounce and silver was also higher at $23.12 an ounce.
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd, said, “Despite trimming gains in response to a stronger dollar, gold maintained its stability as concerns about a tight U.S. job market took center stage. The precious metal found support from a drop in 10-year Treasury yields.”
He added that with a 93% likelihood of the US Federal Reserve keeping interest rates unchanged at its upcoming meeting, gold remained resilient. This resilience is notable as higher U.S. interest rates typically make gold less attractive, as it does not earn any interest.
The US Fed’s recent “Beige Book” indicated modest economic growth in the US, marked by cooling job growth and inflation, adding to the cautious sentiment surrounding gold’s performance.
“We expect gold to trade lower towards Rs 58,800 levels, a break of which could prompt the price to move lower to Rs 58,710 levels,” Mallya said.
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