New Delhi: Gold prices rose by Rs 500 to Rs 81,300 per 10 grams in the national capital on Thursday, a two-month high, amid fresh buying by jewelers and retailers and a fall in the rupee. All India Bullion Association has given this information. On Wednesday, the price of gold closed at Rs 80,800 per 10 grams. The price of gold of 99.5 percent purity increased by Rs 500 to Rs 80,900 per 10 grams.
In the last trading session it had closed at Rs 80,400 per 10 grams. Silver price also rose by Rs 2,300 to Rs 94,000 per kg, which had closed at Rs 91,700 per kg on Wednesday. On Thursday, the rupee weakened by 16 paise to close at 86.56 (provisional) against the US dollar.
The rupee depreciated due to higher crude oil prices and foreign capital outflows due to strengthening of the dollar overseas. Globally, Comex gold futures rose by $ 19.70 an ounce to $ 2,737.50 an ounce. Jatin Trivedi, vice president research analyst (commodity and currency), LKP Securities, said the rise in COMEX gold in international markets came after the release of US CPI data for December, which was in line with expectations.
He further said that lower than expected core consumer price index (CPI) provided additional support to gold prices. Soft inflation data strengthened expectations that the Federal Reserve would continue cutting rates, boosting gold's rally.
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HDFC Securities Senior Analyst Saumil Gandhi said market participants will keep an eye on key US macroeconomic data like retail sales and Philadelphia Fed Manufacturing Index due to be released on Thursday, which will provide further direction to bullion prices. Comex silver futures were also trading 1.28 percent higher at $31.94 an ounce in Asian market hours.
