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.
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