Gold price falls by Rs 10 to Rs 72,640, silver rises by Rs 100 to Rs 87,100 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 66,590.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 66,740, Rs 66,590 and Rs 66,590 respectively.

The price of one kilogram of silver in Mumbai is in line with Delhi and Kolkata prices at Rs 87,100.

The price of one kilogram of silver in Chennai was Rs 92,100.

American gold on Wednesday after hitting an all-time high in the previous session on the US

rate cut optimism as investors awaited the minutes of the Federal Reserve’s latest meeting and Chairman Jerome Powell’s speech for clarity on the depth of cuts.

Spot gold was steady at $2,514.79 an ounce as of 0105 GMT, trading below an all-time high of $2,531.60 hit on Tuesday.

US gold futures were also flat at $2,553.

Geopolitical tensions and uncertainty created by the upcoming US presidential election and future interest rate cuts appear to be helping to power gold prices to even higher levels.

SPDR Gold Trust, the world’s largest gold exchange-traded fund, said its holdings fell 0.20 percent on Tuesday.

Swiss gold exports in July rose to their highest level since April as higher shipments to India and Britain offset lower shipments to China, customs data from the world’s biggest bullion refining and transit hub showed .

Spot silver rose 0.1% to $29.45 an ounce, platinum gained 0.5% to $950.80 and palladium rose 0.2% to $927.65.

(With contributions from Reuters)

First publication: August 21, 2024 | 7:49 AM IST