Gold falls by Rs 250, silver rises by Rs 2,000 per kg to recover 87,000 level | commodities

Meanwhile, gold of 99.5% purity also fell by Rs 250 to Rs 74,000 per 10 grams from the previous close of Rs 74,250 per 10 grams.

Traders said silver continued its strong trend for the third straight session as strong industrial consumption led to a rise in metal prices.

In international markets, Comex gold was trading 0.21% higher at $2,547.70 an ounce.

“Comex gold rose to a weekly high of $2,558 an ounce but pulled back after the inflation report as market sentiment adjusted to the likelihood of a small interest rate cut by the US Federal Reserve,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.

Silver also traded higher at $29.16 an ounce on global markets.

“Traders will closely monitor US macroeconomic data such as producer price index (August) and jobless claims,” ​​said Praveen Singh, associate vice president, currencies and fundamentals, Sharekhan at BNP Paribas.

Furthermore, this data could affect expectations about the trajectory of US interest rates, which in turn will affect bullion prices and the US dollar ($).

In addition, the European Central Bank (ECB) meeting on Thursday could further affect the price of the precious metal, depending on how much the ECB decides to implement, Singh added.

” US Treasury yields rose as the dollar pared early losses that weighed on gold prices.

“Traders have almost written off bets on the US central bank cutting interest rates this month,” said Saumil Gandhi, senior analyst – Commodities, HDFC Securities.

First publication: September 12, 2024 | 18:52 IST