Gold prices witnessed a sharp rebound in the national capital on Thursday, with the price of 99.9% purity gold rising by ₹1,000 to ₹1.48 lakh per 10 grams. The rally was supported by fresh buying from jewellers, retailers, and positive global cues, while a weaker US dollar further strengthened investor sentiment.
However, silver prices moved in the opposite direction, declining by ₹600 to ₹2,24,700 per kilogram, according to the All India Bullion Association.
Why Did Gold Prices Rise Today?
Commodity experts attributed Thursday's rally to the weakening of the US dollar following the latest US Federal Reserve policy announcement.
According to Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, the fall in the dollar index encouraged buying in gold. Although the strengthening Indian rupee restricted further gains in domestic markets, demand from jewellers and stockists kept prices elevated.
The US Dollar Index remained near the 101 mark after declining nearly 1% in the previous trading session.
Latest Gold and Silver Prices
Gold (99.9% purity): ₹1,48,000 per 10 grams
Previous Close: ₹1,47,000 per 10 grams
Silver: ₹2,24,700 per kg
Previous Close: ₹2,25,300 per kg
International Bullion Market Update
Global precious metal prices also remained firm.
Spot Gold: Around US$4,071.55 per ounce
Spot Silver: Rose nearly 1% to US$58.25 per ounce
According to Kaynat Chainwala, AVP – Commodity Research at Kotak Neo, investors are closely watching upcoming US PCE inflation data and jobless claims, which could influence expectations regarding a possible Federal Reserve policy shift in September.
She added that gold and silver are likely to remain range-bound with high volatility in the near term.
Why Has Gold Demand Fallen in India?
Despite Thursday's rally, India's gold demand declined 6% year-on-year during the April–June quarter.
According to the World Gold Council (WGC):
Gold demand fell to 131.4 tonnes
Last year's demand stood at 139.7 tonnes
The decline has been attributed to:
Seasonal slowdown in jewellery sales
Higher import duties
Elevated gold prices
Lower consumer purchases
Globally, however, gold demand remained almost unchanged at approximately 1,269 tonnes during the quarter.
Market Outlook
Analysts believe that the next major direction for gold prices will depend on:
US inflation data
Federal Reserve interest rate outlook
Dollar movement
Global geopolitical developments
Domestic festive-season demand
If the dollar continues to weaken and safe-haven demand strengthens, gold prices may remain supported in the coming weeks.
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