Gold and silver prices steady, little movement seen this week
New Delhi (The Uttam Hindu): The rally in gold and silver prices appears to be easing. Both precious metals remained within a narrow range last week.
According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24 carat gold is Rs 1,09,775, whereas on the same day a week ago it was Rs 1,09,707, which shows a marginal increase of Rs 68 in the price of gold.
The price of 22-carat gold has risen to ₹100,554 per 10 grams, up from ₹100,492 previously. Meanwhile, the price of 18-carat gold has risen to ₹82,331 per 10 grams, up from ₹82,280 per 10 grams.
At the same time, the price of silver has marginally decreased by Rs 8 to Rs 1,28,000 per kg during the review period, which was earlier Rs 1,28,008 per kg.
The reason for gold and silver moving in a range is the announcement of interest rate cut by the Fed.
Experts say that gold and silver prices saw a rise due to the Fed's decision, but now that event has passed, prices remain within a narrow range.
Jatin Trivedi of LKP Securities says that investors will now be eyeing the US GDP, PMI and PCE price index data and in the coming time, gold prices may remain in the range of Rs 1,07,500 to Rs 1,11,000.
Since January 1, the price of 24-carat gold per 10 grams has risen by ₹33,613, or 44.13 percent, to ₹109,775, from ₹76,162. Silver prices have also risen by ₹41,983, or 48.80 percent, to ₹128,000, from ₹86,017 per kg.