Around 8.20 pm, October gold futures on MCX were trading at Rs 71,132 per 10 gram, up Rs 996 or 1.42 per cent from the previous day’s closing price.
Meanwhile, September silver futures were trading at Rs 82,222 per kg, up by Rs 2,161 or 2.7%.Silver futures today touched an intraday high of Rs 82,584, up by Rs 2,523 or 3.1%.
On the COMEX, gold futures were trading at $2,528.10 per troy ounce, up $35.70 per troy ounce, or 1.43%.
Commenting on the day’s move, Jateen Trivedi, vice president, research analyst, commodities and currencies, LKP Securities, said the upward momentum was driven by rising gold prices on COMEX over the past two days as US recession fears eased, raising the chances of a September rate cut and potentially up to three rate cuts by 2024. Reuters quoted Zain Bauda, ​​market analyst, Market Pulse, OANDA, as saying, “Gold traders are proceeding cautiously this week as US data has significantly reduced the chances of a 50 basis points rate cut in September.” The recent data restored confidence shaken by an unexpectedly weak employment report earlier this month. It also strengthened optimism about improving inflation as evidenced by the July producer and consumer price indexes released this week. For more details click here (https://economictimes.indiatimes.com/commoditysummary/symbol-GOLD.cms) (https://economictimes.indiatimes.com/markets/gold-rate-in-delhi-today)
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