Gold Silver Price: Today, Ganesh Chaturthi is being celebrated with great pomp. Today, people are shopping on the occasion of Ganesh Chaturthi. It is natural for the prices of gold and silver to increase on this occasion. According to the All India Sarafa Sangh, the price of silver in the national capital on Friday increased by Rs 1,200 to Rs 85,800 per kilogram, while gold strengthened by Rs 100 to Rs 74,200 per 10 grams.
In the previous session, gold of 99.9 percent purity closed at Rs 74,100 per 10 grams. Silver closed at Rs 84,600 per kg on Thursday. Additionally, gold of 99.9 and 99.5 percent purity rose by Rs 100 each to Rs 74,200 and Rs 73,850 per 10 grams, respectively. Traders attributed the rise in gold prices to increased demand from jewelers and stockists as well as a jump in the prices of precious metals in foreign markets.
Silver is expensive in international markets
Globally, Comex gold rose 0.22 per cent to $2,548.80 an ounce. “Gold continued to rise on Friday as the US dollar and Treasury yields fell after another set of data showing sluggishness in the US labor market,” said Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.
In the international markets, silver also rose by 0.26 per cent to $29.18 per ounce. Manish Sharma, AVP – Commodities & Currencies, Anand Rathi Shares & Stock Brokers, said, “US jobs data released in recent sessions has shown mixed readings, though it has confirmed that the labour market is cooling off enough that an interest rate cut could be considered by the US Federal Reserve at its September meeting.”
Customs duty on gold cut in India
According to a report by the World Gold Council (WGC), after a strong monthly rise in July, gold recorded another healthy gain in August and closed 3.6 per cent higher at $2,513 an ounce internationally. Customs duty on gold was cut in India in late July, which has boosted gold demand in the country. This cut was followed by strong buying from jewelery retailers as well as consumers. According to Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, after low jobs data this week, the focus is now on the all-important US non-farm payrolls and unemployment rate data to be released on Friday.