Gold, Silver Prices Edge Up: 5 Things To Know

Gold prices firmed up by Rs 30 to Rs 30,650 per 10 gram at the bullion market on Friday on the back of firm overseas cues amid buying by local jewellers, reported news agency Press Trust of India. Silver also staged a recovery and traded higher by Rs 50 to Rs 37,850 per kg due to increased offtake by industrial units and coin makers. Traders said apart from a firm trend overseas, scattered buying by local jewellers to meet the ongoing festive season demand at domestic spot market, mainly attributed the recovery in the gold prices.    

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

1. Globally, gold rose on Friday after falling in the previous session, as the dollar eased and markets awaited a speech by the Federal Reserve chairman for fresh clues on the direction of US monetary policy, reported news agency Reuters.

Spot gold was up 0.3 per cent at $1,188.96 an ounce in the early-day trade, after falling 0.9 per cent on Thursday. Prices have risen about 0.3 per cent so far this week. US gold futures were up 0.1 per cent at $1,195 an ounce.    

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 30 each to Rs 30,650 and Rs 30,500 per 10 gram, respectively. It had lost Rs 30 in yesterday's trade. Sovereign gold, however, remained flat at Rs 24,500 per piece of 8 gram in limited deals.

3. Gold investors will watch key developments in the US closely, say analysts. "US may post core durable goods orders for July on lower side. Further, traders would focus on the Federal Reserve's chairman Jerome Powell's speech at the Jackson Hole due today," said Jigar Trivedi - Fundamental Research Analyst-Commodities, Anand Rathi Commodities.    

4. Silver prices also followed a similar trend. Silver ready rebounded by Rs 50 to Rs 37,850 per kg, while weekly-based delivery drifted down by Rs 130 to Rs 36,620 per kg due to speculative selling.    

5. On the other hand, silver coins continued to trade at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

(With agency inputs)