With a prospective Fed rate drop on the horizon and weakening US labor and economic statistics, gold prices are expected to stay high.
View of 99.99 percent pure gold ingots in a workroom at the Krastsvetmet precious metals facility in Krasnoyarsk, Siberia, during manufacture
In keeping with a strong worldwide trend, gold prices in the national capital on Monday increased by Rs 100 to Rs 73,410 per 10 kilos, according to HDFC Securities. In the previous session, the price of the precious metal finished at Rs 73,310 per 10 grams. The price of silver increased by Rs 870 to Rs 94,270 per kilogram. In the previous session, it had settled at Rs 93,400 per kilogram."Spot gold prices (24 carats) in Delhi markets are reported at Rs 73,410 per 10 grams, which is an increase of Rs 100 from the price on Friday afternoon.
According to Dilip Parmar, a research analyst at HDFC Securities, "gold prices at Multi Commodity Exchange (MCX) traded lower amid risk-averse sentiment and profit booking after surging in the previous week."
Comex's current price for gold on the global markets was USD 2,373 per ounce, up USD 10 from the previous close.Prices for gold and silver increased dramatically as the dollar declined amid conflicting employment statistics, rising expectations for rate cuts, and geopolitical concerns.
Silver in particular had a strong rally in the precious metals pack throughout the week that was cut short by holidays, according to Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd (MOFSL).
According to Modi, this week's highlights will be the Producer Price Index (PPI), US Consumer Price Index (CPI), and Federal Reserve Chair Jerome Powell's statement.Furthermore, the price of silver is reported higher at USD 30.93 per ounce. In the previous session, it had ended at USD 30.55 per ounce.According to Prathamesh Mallya, DVP of Research, Non-Agri Commodities and Currencies at Angel One Ltd., "Traders continue to keep an eye on political events in Europe after France's left-wing Republican Popular Front coalition unexpectedly thwarted a far-right breakthrough on Sunday but failed to secure a majority."
Mallya said that weakening US labor and economic statistics would probably keep gold prices high, and that a prospective rate decrease by the Federal Reserve is imminent.
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