Gold rises Rs100; silver remains flat

New Delhi: Gold prices rose Rs100 to Rs74,350 per 10 grams in the national capital on Friday due to fresh demand by local jewellers. The yellow metal of 99.9 per cent purity had closed at Rs74,250 per 10 grams in the previous trade. Silver prices, however, remained flat at Rs87,200 per kilogram on Friday, according to the All India Sarafa Association. Additionally, gold of 99.5 per cent purity edged up Rs100 to Rs74,000 per 10 grams from the previous close of Rs73,900 per 10 grams. Traders attributed the rise in yellow metal prices to a pick-up in demand by local jewellers and retailers in the domestic market. Globally, Comex gold is trading at $2,557.10 per ounce, down by $3.20 per ounce or 0.12 per cent.

“Gold prices traded in a narrow range, as the market is expecting the US Federal Reserve to cut interest rates in September, while on the other hand, better-than-expected data US is capping gains for the same on a higher side,” Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services Ltd, said. Last week, US Fed Chair Jerome Powell signalled that the interest rate cuts were imminent in a nod to concerns over the jobs market. Geo-political tensions also continue to increase and support safe-haven buying, Modi added. Silver was also marginally down at $29.93 per ounce in the international markets.