E-Paper
Gold prices rise globally. Check details here
The gain in gold prices worldwide came about after US federal chairman Jerome Powell reassured that interest rates would not be hiked too quickly.
Gold, the precious yellow metal, rose 0.18% at ₹47,097 for 10 grams at the Multi Commodity Exchange (MCX) on Wednesday. Prices were buoyed by a weakness in the dollar. Silver prices, on the other hand, saw a marginal rise by 0.28% at ₹67,747 a kilogram.
The gain in gold prices worldwide came about after US federal chairman Jerome Powell reassured that interest rates would not be hiked too quickly. Spot gold rose 0.2% to $1,782.00 per ounce by 0957 GMT and the US gold futures gained 0.3% to $1,782.80. Lower interest rates bode well for gold since it translates into reduced opportunity cost of holding bullions, which does not pay any interest. Independent analyst Ross Norman told Reuters that gold prices have a “tendency to over-respond to a nuanced delivery from the Fed”.
HDFC Securities said gold prices in Delhi gained ₹110 to ₹46,396 per 10 gram after Powell’s move. "Spot gold prices for 24 carat in Delhi were up by ₹110 in-line with recovery in COMEX gold prices," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel, told news agency PTI.
Other metals like silver gained 0.2% at $25.80 per ounce, and palladium went down by 0.2% to $2,552.68, while platinum climbed 0.1% to $1,080.63. The dollar index climbed 0.1% against its rivals, thus making the precious yellow metal more expensive for holders of other currencies.
