Here is an extensive daily list to give you the most recent information on silver prices in India's key cities.
The gold COMEX closed at $2,375.10, reflecting an increase of $6.10 or 0.26%. Throughout the trading session, the highest price reached was $2,378.30, while the lowest point was $2,370.60. The opening price for the day was $2,373.80, indicating a generally positive movement in gold prices.
"Gold prices surged over 1% on Thursday, reaching their highest level in two weeks, fueled by indications of economic slowdown in the US prompting expectations of Federal Reserve interest rate cuts this year. Recent data showing a decline in jobless claims suggested a stable labor market, but soft retail sales and ongoing economic lethargy in the second quarter bolstered bets on monetary easing. With markets pricing in a significant probability of a Fed rate cut in September, alongside safe-haven demand driven by global uncertainties and central bank buying, gold maintained its rally from March to May, peaking at record highs on May 20," says Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One.
The Nifty's weekly settlement started cautiously due to a lack of major global triggers but gained bullish momentum, closing at 23,567, up 0.22%. The broader market maintained a bullish stance with positive advance-decline ratios. Despite muted price action and a narrow-bodied candlestick on the daily chart, Nifty is expected to consolidate until decisive triggers emerge. Strong support is seen at 23,450-23,400 and 23,300-23,200, while 23,650-23,700 remains challenging for the Bulls. Diverse sector participation is driving positive sentiment, emphasizing a stock-centric approach. Monitoring global indices is crucial as they will likely influence the initial market tone, says Sameet Chavan, Head Research, Technical and Derivative - Angel One.
While these data points offer valuable insights into market trends and factors driving price movements to assist investors in navigating the gold market effectively, investors are advised to perform their own due diligence before making any investment decisions.
As the day progresses, we encourage investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.
For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India.
Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.