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Gold Prices Dip Slightly Today After Thursday's Rs 650 Jump: Five Things To Know

Despite the dip, gold prices remained near Rs 31,000 level.

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Gold Prices Dip Slightly Today After Thursday's Rs 650 Jump: Five Things To Know

Global gold prices eased today amid expectations of Fed rate hike.

New Delhi: Gold prices declined by Rs 100 today to Rs 30,900 per 10 gram at the bullion market. Easing demand from local jewellers and retailers and weak overseas trend hurt local gold prices. However, silver recovered by Rs 100 to Rs 41,600 per kg on demand from industrial units. Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers at prevailing levels, mainly weighed on gold prices. In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 30,900 and Rs 30,750 per 10 grams respectively. The precious metals had climbed Rs 650 on Thursday. 

In the national capital, silver ready recovered by Rs 100 to Rs 41,600 per kg, while weekly-based delivery regained the Rs 41,000-mark by rising Rs 190 to Rs 41,120 per kg. 

5 Things To Know About Gold Price Movement Today


Globally, spot gold slipped on Friday, shrugging off North Korea's latest missile launch over Japan, with strong US inflation data raising the spectre of another interest rate hike. Spot gold was down 0.2 percent at $1,326.70 an ounce. It was down over 1 per cent for the week, on track for its first weekly decline in four.

"I think the market is increasingly focusing on the Federal Reserve and its probability of another rate hike this year," ANZ analyst Daniel Hynes said.

US consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation, signs of firming inflation that boosted the probability of an interest rate increase from the Federal Reserve in December. 

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The Fed has a 2 per cent inflation target, and a series of subdued inflation readings have dampened expectations for further rate rises in the near term. Firming inflation could support the case for another rate hike. The Fed's next monetary policy meeting is due to begin on September 19.

Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold.

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