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Gold, silver prices hold steady as investors await US Fed move on rates

Gold imports have surged by 17.5 percent, reaching 65 tonne YoY; and gold consumption in the same period has risen by 16.37 percent, amounting to 554.88 tonne

July 26, 2023 / 12:43 IST
Gold consumption has risen by 16.37 percent YoY

Gold consumption has risen by 16.37 percent YoY

Gold and silver prices are holding onto modest gains in global markets as investors await the crucial meeting of the rate-setting panel of the United States Federal Reserve (Fed) later on July 26. All eyes will be on the Federal Open Market Committee (FOMC) statement, and press conference by Fed Chairman Jerome Powell.

In the first half of 2023, China has experienced a year-on-year (YoY) increase in gold production, with a growth rate of 2.24 percent, resulting in 178.6 tonnes of gold. Additionally, gold imports have surged by 17.5 percent on-year, reaching 65 tonnes. Gold consumption in the same period saw a 16.37 percent surge, amounting to 554.88 tonnes.

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Here are the latest gold and silver prices in some of India's major cities:

Bangalore

24KT gold: Rs 5,954 per gram

22KT gold: Rs 5,508 per gram

Silver: Rs 74,900 per kilogram

Delhi

22KT gold: Rs 5,599 per gram

20KT gold: Rs 5,130 per gram

Silver: Rs 76,000 per kilogram

Ahmedabad

24KT gold: Rs 6,130 per gram

22KT gold: Rs 5,615 per gram

Mumbai

24KT gold: Rs 6,016 per gram

22KT gold: Rs 5,515 per gram

Silver: Rs 78,000 per kilogram

Gold prices dropped by Rs 150 to Rs 60,200 per 10 grams in the national capital on July 25 amid a fall in yellow metal prices globally, according to HDFC Securities. The precious metal had settled at Rs 60,350 per 10 grams in the previous trade.

“Comex gold fluctuated within a narrow range as traders awaited the outcome of the Federal Reserve and the European Central Bank policy meetings. Meanwhile, the dollar index traded at a near-two-week peak, weighing on precious metals as a stronger dollar makes bullion more expensive for buyers holding other currencies,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

Moneycontrol News
first published: Jul 26, 2023 12:43 pm

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