New Delhi, Jul 31 (PTI) Gold prices rose by Rs 300 to Rs 1,48,300 per 10 grams in the national capital on Friday due to buying from retailers and jewellers, local traders said.
The yellow metal of 99.9 per cent purity had closed at Rs 1,48,000 per 10 grams in the preceding session.
Silver remained flat at Rs 2,24,700 per kilogram (inclusive of all taxes).
Traders said continuous purchases by retailers and jewellers supported domestic gold prices despite weak global prices, while silver traded in a narrow range.
In the international markets, spot gold slipped USD 48.28, or 1.18 per cent, to USD 4,055.56 per ounce and silver dropped nearly 2 per cent to USD 57.98 an ounce.
“Spot gold is easing back from Thursday’s highs, slipping below USD 4,060 per ounce as the dollar claws back ground, while silver has cooled too, hovering near USD 58,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
According to analysts, the rebound in the crude oil prices, also curbed investors’ appetite for precious metals in the overseas markets.
Brent oil futures rose nearly 1 per cent to USD 89.69 per barrel, and West Texas Intermediate advanced to USD 84.16 a barrel in New York, reviving inflation concerns and limiting bullion’s upside.
“Investors are awaiting the University of Michigan consumer sentiment and inflation expectation numbers, along with the second-quarter Employment Cost Index, for fresh cues on the US economic outlook.
“The data will provide further insights into the Federal Reserve’s monetary policy trajectory and the near-term direction of bullion prices,” Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said. PTI HG HG VHI VHI
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