Gold price slips Rs 10 to Rs 73,190, silverfalls Rs 100 to Rs 95,400 | Commodities

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 67,090.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 67,240, Rs 67,090, and Rs 67,690, respectively.

The price of one kilogram of silver in Delhi is in line with the silver price in Mumbai at Rs 94,400.

The price of one kilogram of silver in Chennai stood at Rs 98,900.

US gold prices held steady on Wednesday, with investors looking towards key US inflation data that could shed more light on the Federal Reserve’s interest rates trajectory.

Spot gold was little changed at $2,365.09 per ounce, as of 0040 GMT. US gold futures rose 0.2 per cent to $2,372.60.

Federal Reserve Chair Jerome Powell said in remarks to Congress that inflation had been improving in recent months and that “more good data would strengthen” the case for looser monetary policy.

However, he told lawmakers that he did not want “to be sending any signals about the timing of any future actions” on rates.

Traders currently see a 73 per cent chance of a rate cut in September, according to the CME Group’s FedWatch Tool.

Non-yielding bullion’s appeal tends to shine when interest rates are lower.

Spot silver fell 0.1 per cent to $30.77, platinum ticked up 0.3 per cent to $986.80 and palladium was flat at $980.49.

(with inputs from Reuters)

First Published: Jul 10 2024 | 7:48 AM IST