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Gold steady at ₹1.46 lakh per 10 gm, silver rises ₹500 to ₹1.985 lakh per kg in Delhi
Gold held steady at ₹1.46 lakh per 10 gm in Delhi as jewellers stayed cautious, while silver rose ₹500 to ₹1.985 lakh per kg.
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Gold prices were steady at ₹1.46 lakh per 10 grams in the national capital on Thursday as jewellers and retailers remained cautious about fresh purchases amid elevated rates.
Silver prices, however, rose by ₹500 to ₹1,98,500 per kilogram, inclusive of all taxes, according to the All India Sarafa Association.
The white metal closed unchanged at ₹1.98 lakh per kg on Wednesday.
Also Read: Gold prices hold near $4,000 as traders await Fed rate decision amid inflation concerns
Traders said gold prices remained steady as jewellers and retailers were cautious about fresh buying amid high prices.
"Domestic gold prices remained steady on Thursday, following range-bound movements in international markets amid mixed signals," said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
A hawkish stance by the US Federal Reserve overshadowed support from a decline in US Treasury yields and crude oil prices, he said.
Also Read: Gold slips as markets assess Fed signals, await US inflation data
In international markets, spot gold fell by USD 49.38, or 1.21 per cent, to USD 4,018.08 per ounce, while silver declined 3 per cent to USD 52.41 per ounce.
"Gold remained under pressure to hover around USD 4,024 per ounce on Thursday, as the Federal Reserve's hawkish outlook and persistent energy-driven inflation strengthen expectations of further monetary policy tightening," said Vedika Narvekar, Research Analyst- Commodities & Currencies, Anand Rathi Share and Stock Brokers Ltd.
Also Read: Gold up 15%, silver 19% in August: Why are precious metals prices surging?
Firm crude oil prices, uncertainty around the Fed's policy path and equity-market liquidations are adding to volatility, although geopolitical risks and central-bank buying may offer support, she said.
