Gold, Silver Rates Trade Higher—Check Prices In Mumbai, Chennai, Other Cities
The yellow metal was trading at Rs 98,780 per 10 gm, compared to Rs 98,040 on Tuesday as per the India Bullion Association.
Gold and silver was trading higher on Wednesday snapping the downward trend since Friday. The yellow metal was trading at Rs 98,780 per 10 gm, compared to Rs 98,040 on Tuesday 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 approaching. Last week gold corrected by 0.21% and closed at Rs 97,819 levels. In spot market it made a high of $3438 levels and corrected by 0.40% and finally closed at $3326 levels.
Precious metal prices were dented this week by improving risk appetite, as a US-Japan trade deal and optimism over the potential for more agreements spurred buying into riskier instruments.
In New Delhi, the price stood at Rs 98,430 per 10 gm, compared to Rs 97,690 on Tuesday. While the gold price in Mumbai was Rs 98,600 per 10 gm, against Rs 97,860 on Tuesday.
In Bengaluru, the rate stood at Rs 98,670, while in Kolkata, it was Rs 98,470 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 98,880 per 10 gm.
In the United States, gold was trading at $3,305.50 an ounce, according to the World Gold Council.
Aug. 5 futures for the yellow metal was trading marginally higher at Rs 99,130 according to the Multi Commodity Exchange.
Silver Price
Optimism over tariffs put pressure on gold and silver prices. Silver made new life time this week of Rs 1,16,641 levels and corrected sharply and closed at 1,13,052 levels.
Silver prices on Wednesday was marginally higher at Rs 114,110 per kg. Sept. 5 futures for the commodity saw a 0.04% decline to stand at Rs 1,13,800 per kg.
