Precious Metals Market Flourishes as Silver Gains Amidst Dollar’s Fall Post Powell’s Rate Cut Indication
In a remarkable surge, gold reached an unprecedented high, primarily driven by speculations of forthcoming US monetary easing, while palladium reclaimed the $1,000 milestone for the first time since January 12. Spot gold exhibited an impressive 0.8% climb, settling at $2,145.09 per ounce, hitting an all-time peak of $2,152.09 in the preceding session. Simultaneously, US gold futures experienced a 0.8% increase, concluding at $2,158.2. Silver joined the rally, adding 1.9% to reach $24.15, propelled by the decline in the dollar following US Federal Reserve Chair Jerome Powell’s hints at a potential rate cut later in the year.
The flourishing gold market is mirrored in the domestic scenario as well, with the price of 24-carat gold showing a modest increase of ₹10, reaching ₹65,140, as reported by Goodreturns. Meanwhile, the price of 22-carat gold also saw a parallel uptick of ₹10, settling at ₹59,710. In contrast, silver witnessed a marginal decline of ₹100, with one kilogram of the precious metal now priced at ₹74,400 in key metropolitan cities such as Delhi, Mumbai, and Kolkata.
City-wise Gold Prices:
- In Delhi, Bengaluru, and Chennai, 24-carat gold was retailed at ₹65,290, ₹65,140, and ₹65,900, respectively.
- Ten grams of 22-carat gold maintained uniform pricing in Mumbai and Kolkata, standing at ₹59,710. In Hyderabad, the rate was also consistent at ₹59,710.
- For Delhi, Bengaluru, and Chennai, the pricing per ten grams of 22-carat gold stood at ₹59,860, ₹59,710, and ₹60,410, respectively.
As the global economic landscape anticipates potential shifts in monetary policy, the precious metals market remains dynamic, offering investors both record highs and noteworthy fluctuations. Investors and enthusiasts are closely monitoring these developments as they navigate the evolving landscape of the precious metals market.
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