Gold Value As we speak: The value of 24-carat gold climbed Rs 10 in early commerce on Saturday, with ten grams of the dear steel buying and selling at Rs 71,630, in line with the GoodReturns web site. The value of silver rose Rs 100, with one kilogram of the dear steel promoting at Rs 84,100.
The value of 22-carat gold additionally inched up Rs 10, with ten grams of the yellow steel promoting at Rs 65,660.
The value of ten grams of 24-carat gold in Mumbai is in keeping with costs in Kolkata and Hyderabad, at Rs 71,630.
In Delhi, Bengaluru, and Chennai, the worth of ten grams of 24-carat gold stood at Rs 71,780, Rs 71,630, and Rs 71,630, respectively.
In Mumbai, the worth of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 65,660.
In Delhi, Bengaluru, and Chennai, the worth of ten grams of 22-carat gold stood at Rs 65,810, Rs 65,660, and Rs 65,660, respectively.
The value of 1 kilogram of silver in Delhi is in keeping with the worth of silver in Mumbai and Kolkata at Rs 84,100.
The value of 1 kilogram of silver in Chennai stood at Rs 89,100.
US gold costs soared to an all-time excessive on Friday because the greenback weakened on rising expectations for an interest-rate minimize from the Federal Reserve in September, and as tensions within the Center East bolstered demand for bullion.
Spot gold was up 1.7 per cent to $2,498.72 per ounce by 02:27 p.m. EDT (1827 GMT), after hitting a file excessive of $2,500.99 earlier. US gold futures settled 1.8% larger at $2,537.80. Bullion rose 2.8 per cent this week.
The greenback index fell 0.4 per cent and posted a fourth week of losses, making gold extra interesting for patrons abroad.
“Gold surged to a contemporary all-time excessive and breached $2,500 after two weeks of extraordinarily uneven buying and selling as bulls lastly impose their will,” Tai Wong, a New York-based impartial metals dealer, mentioned.
“Ongoing geopolitical strife and potential escalation that Iran might get entangled, and the battle in Ukraine, these elements all contribute to safe-haven demand for gold,” mentioned Everett Millman, chief market analyst with Gainesville Cash.
Bullion is taken into account a hedge towards geopolitical and financial uncertainties and tends to thrive in a low-interest-rate setting.
Silver rose 1.4 per cent to $28.81 per ounce and platinum fell 0.2 per cent at $950.76. Palladium fell 0.1 per cent to $943.25.
(With inputs from Reuters)
First Revealed: Aug 17 2024 | 8:17 AM IST