New Delhi: Gold price rose by Rs 400 to Rs 75,050 per 10 gram in the national capital on Wednesday on fresh purchases from jewellers, according to the All India Sarafa Association.
The precious metal had closed at Rs 74,650 per 10 grams in the previous session.
However, silver prices remained stable at Rs 94,400 per kg.
In sarafa markets, the yellow metal was trading at Rs 75,050 per 10 grams, an increase of Rs 400 from the previous close, the association said.
Traders said gold prices saw an upward trend due to rising domestic demand.
In international markets, spot gold was trading higher at $2,380.50 an ounce, up $12.60 an ounce.
"Gold prices traded positively. Buying was driven by expectations that weak inflation figures will be released on Thursday afternoon in the US, which could trigger rate cuts by the US Federal Reserve. "U.S. in September meeting," Jateen Trivedi, VP Research, Commodities and Currency Analyst. of LKP Securities, he said.
Additionally, silver prices also rose to $31.25 per ounce globally.
"Spot gold closed Tuesday with a gain of about 0.20 percent at $2,363 an ounce, as Federal Reserve Chairman Powell testified before the US Senate Banking Committee. , offered a largely balanced view on the US economy and the Federal Reserve's monetary policy," said Praveen Singh, associate vice president of currencies and fundamental commodities at BNP Paribas' Sharekhan.
In his testimony, Federal Reserve Chairman Powell said the inflation trend is encouraging; However, the US central bank will need more data to gain confidence in cutting rates.
He (Powell) warned that cutting interest rates too little or too late could put the economy and the labor market at risk, as inflation is not the only risk facing the US economy now.
"US Consumer Price Index (June) data will be released on Thursday, which is crucial as traders look at the possibility of rate cuts in September," Singh added.
The precious metal had closed at Rs 74,650 per 10 grams in the previous session.
However, silver prices remained stable at Rs 94,400 per kg.
In sarafa markets, the yellow metal was trading at Rs 75,050 per 10 grams, an increase of Rs 400 from the previous close, the association said.
Traders said gold prices saw an upward trend due to rising domestic demand.
In international markets, spot gold was trading higher at $2,380.50 an ounce, up $12.60 an ounce.
"Gold prices traded positively. Buying was driven by expectations that weak inflation figures will be released on Thursday afternoon in the US, which could trigger rate cuts by the US Federal Reserve. "U.S. in September meeting," Jateen Trivedi, VP Research, Commodities and Currency Analyst. of LKP Securities, he said.
Additionally, silver prices also rose to $31.25 per ounce globally.
"Spot gold closed Tuesday with a gain of about 0.20 percent at $2,363 an ounce, as Federal Reserve Chairman Powell testified before the US Senate Banking Committee. , offered a largely balanced view on the US economy and the Federal Reserve's monetary policy," said Praveen Singh, associate vice president of currencies and fundamental commodities at BNP Paribas' Sharekhan.
In his testimony, Federal Reserve Chairman Powell said the inflation trend is encouraging; However, the US central bank will need more data to gain confidence in cutting rates.
He (Powell) warned that cutting interest rates too little or too late could put the economy and the labor market at risk, as inflation is not the only risk facing the US economy now.
"US Consumer Price Index (June) data will be released on Thursday, which is crucial as traders look at the possibility of rate cuts in September," Singh added.
