Gold prices in the Delhi increased by ₹400 to ₹60,100 per 10 grams on Thursday, owing to strong worldwide trends. The last trade saw the precious metal close at ₹59,700 per 10 grams. Silver prices rose by ₹357 to ₹73,903 per kilogram.
“Gold prices climbed on Thursday, with spot gold prices in the Delhi markets trading at ₹60,100/10 gram up by ₹400 from its previous day’s close,” Saumil Gandhi, senior analyst, commodities, HDFC Securities, said.
Gold futures traded well, having risen more than 1%, or $24, in the previous session. The rise occurred when the US dollar fell to its lowest level in almost a year as a result of disappointing CPI statistics, raising predictions that the Federal Reserve will only raise interest rates once this year. The weakening of the dollar and the prospect of more cautious monetary policy have increased the attraction of gold as a safe-haven investment. The US dollar index was recently trading at 100.10, a 0.10% decrease. It fell to a more than one-year low yesterday after statistics suggested a slowing in the increase of US consumer prices in June.
The COMEX gold futures contract was trading at $ 1967.30 per ounce, up $5.6. The commodity faced resistance near $1970-75. Silver rose as well, with international silver futures trading up by 0.62% at $24.46 per troy ounce.
On domestic front, the government put import limitations on some gold jewellery and goods on Wednesday, a move that will assist reduce imports of non-essential items. Importing certain gold products now requires a government permit or licence.
In order to reduce the import of non-essential commodities, the Indian government has imposed import restrictions on particular gold jewellery and articles. Importers must now get government authorization or a licence before bringing in certain gold products. Imports covered by the India-UAE free trade agreement, on the other hand, are immune from these restrictions. The Directorate General of Foreign Trade (DGFT) announced that the import policy would be changed from free to limited immediately. This policy is intended to limit the import of non-essential commodities.
The MCX gold price was observed trading at ₹59291 per 10 grammes, up ₹103. Today, the contract was to find suport and resistance at ₹59,167 and ₹59,360 respectively. MCX silver futures have risen to as high as ₹73950 per kilogramme, with early resistance at ₹74400.
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Updated: 13 Jul 2023, 10:52 PM IST