Gold Prices Jump By 930 Rupees On Strong Global Cues: 5 Things To Know

Gold prices on Thursday jumped by Rs 930 to Rs 35,800 per 10 grams, reported news agency Press Trust of India (PTI). The increase came on positive overseas trend after US Federal Reserve Chairman Jerome Powell hinted at a rate cut soon that prompted investors to move towards safe-haven assets like the yellow metal. Silver also followed the suit and rose by Rs 300 to Rs 39,200 per kg due to more offtake by industrial units and coin makers. Apart from the global movement, demand from local jewellers also supported the rise in gold prices, said the report citing traders.

Here are key things to know about gold, silver prices today:

1. Globally, gold prices rose to a one-week high, extending gains from the previous session after US Federal Reserve Chairman Jerome Powell's dovish remarks bolstered expectations of an interest rate cut this month, reported news agency Reuters.

2. Spot gold rose 0.3 per cent to $1,422.67 per ounce in intraday trade, after earlier hitting its highest since July 3 at $1,426. The metal gained 1.5 per cent in the previous session. US gold futures jumped 0.9 per cent to $1,424.70 an ounce.

3. "The Fed chair's cautious stance on the US economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold," Press Trust of India quoted Hareesh V, head (commodity research), Geojit Financial Services, as saying.

4. According to the All India Sarafa Association, gold of 99.9 per cent and 99.5 per cent purity surged Rs 930 each to Rs 35,800 per 10 gram and Rs 35,630 per 10 grams, respectively, in Delhi. Sovereign gold also advanced by Rs 100 to Rs 27,400 per eight grams.

5. Silver ready rose by Rs 300 to Rs 39,200 per kg and weekly-based delivery gained Rs 356 to Rs 38,356 per kg. However, silver coins held flat at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

(With agency inputs)