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

Gold and silver prices are maintaining modest gains on global markets as investors anticipate the crucial rate-setting meeting of the United States Federal Reserve (Fed) later on July 26. The Federal Open Market Committee (FOMC) statement and press conference of Fed Chairman Jerome Powell will be the centre of attention.

China's gold production increased by 2.24 percent year-over-year in the first half of 2023, totaling 178.6 tonnes. Moreover, gold imports have increased by 17.5 percent year-over-year to reach 65 tonnes. In the same time frame, the amount of gold consumed increased by 16.37 percent, amounting to 554.88 tonnes.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

According to HDFC Securities, gold prices decreased by Rs 150 to Rs 60,200 per 10 grammes in the nation's capital on July 25 due to a global decline in the yellow metal's value. In the preceding trade, 10 grammes of the precious metal had settled at Rs 60,350.

"Comex gold fluctuated within a narrow range as traders awaited the results of Federal Reserve and European Central Bank policy meetings." In the meantime, the dollar index traded near a two-week high, which weighed on precious metals because a stronger dollar makes bullion more costly for buyers holding other currencies, as stated by Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.

Also Read : Netweb Technologies IPO: Is an impressive debut on the cards for June 27?