New Delhi, Aug 22: Gold prices fell Rs 250 to Rs 1,00,370 per 10 grams in the national capital on Friday amid a weak global trend, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs 1,00,620 per 10 grams on Thursday.
99.5% Purity Gold Also Declines
In the national capital, gold of 99.5 per cent purity slipped Rs 150 to Rs 1,00,050 per 10 grams (inclusive of all taxes) on Friday. It had settled at Rs 1,00,200 per 10 grams in the preceding session.
Silver Prices Rally
However, silver prices rallied by Rs 1,000 to Rs 1,15,000 per kilogram (inclusive of all taxes) on Friday. The white metal had ended at Rs 1,14,000 per kg on Thursday, according to the Association.
Global Trend Weakens
On the global front, spot gold was trading 0.25 per cent lower at USD 3,330.48 per ounce in New York. Spot silver also went down by 0.48 per cent to trade at USD 37.96 per ounce.
Traders Await Fed Chief’s Speech
"Gold and silver prices are staying within a narrow range as traders await significant movements in anticipation of US Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium, which could provide clues about the direction of monetary policy stance," Renisha Chainani, Head - Research at Augmont, said.
Also Watch:
September Rate Cut Likely
According to Praveen Singh, Head of Commodities and Currencies Mirae Asset ShareKhan, the September interest rate cut is highly likely, as Fed Chair Powell may make it data-dependent due to mixed signals on the US economy.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
