After witnessing a decrease in the rates of the yellow metal and silver commodity, the prices of gold and silver has yet again surged today. This is the first time this week that the prices went high. According to the Multi-Commodity Exchange (MCX), October gold contracts climbed at 0.35 per cent which means now the price of gold stands at Rs 47,403 for 10 grams at 9:30 hours on August 27.
Whereas, the price of silver also went high on Friday after seeing a decline in the past four days. The price of silver has now surged by 0.27 per cent which means now it stands at Rs 62,892 on August 27.
Earlier, the price of gold was standing at Rs 47,181 per 10 grams. On the other hand, the spot gold price spiked by 0.1 per cent. Meanwhile, the US gold future rose by 0.1 per cent to $1,796.70.
Ravindra Rao, the head of commodity research at Kotak Securities said that the COMEX gold trades went marginally higher near $1800/oz after a gain of 0.2 per cent yesterday. It is said that the gold trades went higher owing to the support by safer haven buying amid increasing tensions which were related to Afghanistan following attacks at Kabul airport.
The investors are now awaiting Jerome Powell’s remarks at the Jackson Hole, Wyoming, Symposium at 7:30 pm for any hints about when the Fed will start its asset purchasing programme.
According to the report of Reuters, gold prices were steady on Friday, as investors were awaiting the Fed chief Jerome Powell’s speech.
For those who don’t know, China’s net gold imports via Hong Kong fell nearly 29 per cent in July after a sharp surge in June, according to Hong Kong Census and Statistics Department data.