The opening price for 999 purity gold was Rs 60,603 per 10 grams, Rs 63 higher from Wednesday’s closing price of Rs 60, 540, while that of 999 purity silver was Rs 70,228 per kg, Rs 19 higher than closing price of Rs 70,209, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
Prices of gold and silver opened marginally higher on Thursday than closing prices on Wednesday in India. Meanwhile, in the global market, the prices stood near a three-week low with the decline in demand from the Middle East conflict in the global market.
The opening price for 999 purity gold was Rs 60,603 per 10 grams, Rs 63 higher from Wednesday’s closing price of Rs 60, 540, while that of 999 purity silver was Rs 70,228 per kg, Rs 19 higher than closing price of Rs 70,209, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
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In the global market, spot gold was steady at $1,949.43 per ounce by 0559 GMT after hitting its lowest since October 19 on Wednesday. Investors were keen on comments from US Federal Reserve Chairperson Jerome Powell for more hints on interest rates. “He’ll (Powell) probably try and maintain the higher-for-longer narrative because it’s not within their interest to admit to markets that cuts might be coming,” City Index senior analyst Matt Simpson told Reuters.
“Following a strong rally in gold, some unwinding in previous bullish positions seems to be playing out lately, as market participants price out the risks of a wider conflict in the Middle East. While the improved risk environment kept safe-haven flows at bay,” IG market strategist Yeap Jun Rong was quoted as saying by Reuters.
With the escalating tensions in the Middle East, gold prices soar above the key $2,000-per-ounce level last week. Fed officials told Reuters that the US central bank’s next move would depend on economic data and impact of higher long-term bond yields. “Gold would have the potential to retest and break above $2,000, but now is not the time.”
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First published on: 09-11-2023 at 14:42 IST
