Gold price falls by Rs 10 to Rs 72,760, silver falls by Rs 100 to Rs 85,900 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 66,690.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 66,840, Rs 66,690 and Rs 66,690 respectively.

The price of a kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 85,900.

The price of one kilogram of silver in Chennai was Rs 90,800.

US Gold Prices held steady on Wednesday as investors braced for a monthly US payrolls report that could influence the size of a likely interest rate cut this month.

Spot gold was flat at $2,493.62 an ounce as of 0025 GMT. U.S. gold futures rose 0.1 percent to $2,524.90.

Traders see a 38 percent chance of a 50 basis point (bp) cut by the U.S. Federal Reserve on Sept. 18 and a 62 percent chance of a 25 basis point cut, according to CME Group’s FedWatch tool.

Bullion is heading for its best year of 2020, boosted by investor optimism about future U.S. rate cuts and lingering concerns about conflict in the Middle East.

Spot silver was flat at $28.04 an ounce, platinum gained 0.4% to $906.55 and palladium added 0.6% to $943.60.

(with contributions from Reuters)

First publication: September 04, 2024 | 8:23 AM IST