Gold, Silver Rates Trade Higher—Check Prices In Mumbai, Chennai, Other Cities
Gold and silver was trading higher on Thursday extending gains on the back of heightened uncertainties.
Gold and silver was trading higher on Thursday extending gains on the back of heightened uncertainties. The yellow metal was trading at Rs 99,060 per 10 gm, compared to Rs 98,780 on Wednesday as per the India Bullion Association. It had slipped from Rs 1,00,820 mark earlier last week.
In the last six months, the highest price that the yellow metal had soared to was last week Rs 1,00,820 on July 22. On the global front the record high was $3,500 on April 22. The price of the commodity has gone as low as Rs 87,100 on April 7.
During the first week of July, the highest price that the commodity rose to was Rs 97,580 on July 7 on the back of Trump's rollout of fresh tariffs and safe haven demand. The prices had slipped to Rs 96,790 on July 9.
In the last week of July, the prices saw a steep climb followed by a plunge in rates. The volatility in prices are heightened as Trump's tariff deadline was approaching. On the domestic front, the market is eyeing any further negotiations on the US-India trade deal after the 25% tariff slapped on the country. This uncertainty bringing in further safe-haven demand as investors watch out for developments.
In New Delhi, the price stood at Rs98,710 per 10 gm, compared to Rs 98,430 on Wednesday. While the gold price in Mumbai was Rs 98,880 per 10 gm. In Bengaluru, the rate stood at Rs 98,960, while in Kolkata, it was Rs 98,750 per 10 gm.
The price of the precious commodity was the highest in Chennai, trading at Rs 99,170 per 10 gm.
In the United States, gold was trading at $3,316 an ounce, according to the World Gold Council. Aug. 5 futures for the yellow metal was trading marginally higher at Rs 99,009 according to the Multi Commodity Exchange.
Silver Price
Silver made new life time high during the previous week of Rs 1,16,641 and corrected sharply and closed at 1,13,052 levels.
Silver prices on Thursday was lower at Rs 1,13,210 per kg. Sept. 5 futures for the commodity saw a 0.75% decline to stand at Rs 1,12,900 per kg.
