Gold price was back above the Rs 1,00,000 level over the weekend, on the back of rate cut expectations from the Fed. Jerome Powell opened his remarks at Jackson Hole by signaling the Fed is prepared to adjust course if needed.
The yellow metal was trading higher at Rs 1,00,650 per 10 gm, according to the India Bullions Association, compared to Rs 99,510 on Friday.
Powell noted that while labour markets remain in balance, it is “a curious kind of balance that results from a marked slowing in both the supply of and demand for workers.”
In the last six months, the highest price that the yellow metal had soared to was Rs 1,02,090, seen on Aug. 10. The price of the commodity went as low as Rs 87,100 on April 7.
Gold Prices In Delhi, Mumbai, Bangalore, Chennai
In New Delhi, the price stood at Rs 1,00,290 per 10 gm compared to Rs 99,160 on Friday. The gold price in Mumbai stood at Rs 1,00,460 compared to Rs 99,330 the previous day.
In Bengaluru, the rate stood at Rs 1,00,540, while in Kolkata, it was Rs 1,00,330 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,00,760 per 10 gm.
The spot gold price was trading lower at $3,360 an ounce, according to the World Gold Council. Oct. 3 futures for the yellow metal were trading 0.01% higher at Rs 1,00,391, according to the Multi Commodity Exchange.
Silver Prices
Silver prices through the previous week increased by 2.37% and closed at $38.88 levels. On MCX, silver prices increased by 2.01% and closed at Rs 1,16,239 levels.
The precious metal's price was at Rs 1,16,790 per kilogram on the India Bullion Association. Sept. 5 futures for silver were trading 0.16% higher at Rs 1,16,234, according to the Multi Commodity Exchange.
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