New Delhi, July 31: Gold prices fell Rs 500 to Rs 98,020 per 10 grams in the national capital on Thursday as rupee appreciation capped the price of the precious metal, according to the All India Sarafa Association.
In the national capital, gold of 99.5 per cent purity decreased Rs 400 to Rs 97,800 per 10 grams (inclusive of all taxes) on Thursday. It had climbed Rs 650 to close at Rs 98,200 per 10 grams in the previous market session.
Also, silver prices plunged Rs 2,000 to Rs 1,12,000 per kilogram (inclusive of all taxes) on Thursday. It had ended at Rs 1,14,000 per kg on Wednesday.
On Thursday, the rupee recovered 22 paise from its all-time low to 87.58 (provisional) against the US dollar, amid lower crude prices and suspected RBI interventions, after US President Donald Trump’s announcement of 25 per cent tariffs on Indian imports and a penalty for buying Russian crude.
The rupee on Wednesday closed at an all-time low of 87.80 against the US dollar after America announced 25 per cent tariff on Indian imports in the absence of a trade deal ahead of the August 1 deadline.
“Gold prices traded negative on Thursday as positive US macroeconomic data strengthened the US dollar, putting downward pressure on bullion.
“The latest GDP data indicated that the American economy grew in the second quarter, creating uncertainty regarding the interest-rate outlook,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
According to Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, gold prices traded volatile and showed weakness after the US Federal Reserve maintained a hawkish stance, signalling no intent to cut interest rates in the near term amid ongoing tariff concerns.
In the global markets, spot gold rose USD 29.10, or 0.89 per cent, to trade at USD 3,304.14 per ounce.
“Market participants will closely track the upcoming US macroeconomic data, including Personal Consumption Expenditures (PCE) index, and jobless claims later in the day for further guidance on the monetary policy,” Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.
Spot silver in the overseas market slipped 2.22 per cent to trade at USD 36.30 per ounce. (PTI)
