Gold price falls Rs 280 to Rs 59,670, silver dips Rs 500 to Rs 73,000
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The price of 24-carat gold declined Rs 280 during Friday's early trade, with ten grams of the precious metal selling at Rs 59,670, according to the GoodReturns website. Silver price fell Rs 500, with 1 kg of the precious metal selling at Rs 73,000.
The price of 22-carat gold also dipped by Rs 250, with the yellow metal selling at Rs 54,700.
The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 59,670.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,820, Rs 59,670, and Rs 60,050, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 54,700.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,850, Rs 54,700, and Rs 55,050, respectively.
Spot gold was up 0.1 per cent at $1,915.49 per ounce by 1:51 p.m. EDT (1751 GMT) after rising as much as 0.8 per cent following the release of the U.S. data.
U.S. gold futures settled 0.1 per cent lower at $1,948.9.
The consumer price index (CPI) rose 0.2 per cent last month, matching the increase in June, the U.S. Labor Department said. The CPI advanced 3.2 per cent in the 12 months through July, up from a 3.0 per cent rise in June, which was the smallest year-on-year gain since March 2021.
According to the CME's FedWatch Tool, the probability the Fed will leave rates unchanged at its September meeting is now at 90.5 per cent from around 86.5 per cent prior to the data.
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Former US President Donald Trump, who is campaigning for another term in the White House, promised to introduce a system of "reciprocal tariffs" if re-elected. In an economic policy speech in Detroit on Thursday, the Republican candidate singled out India, claiming it imposes some of the highest tariffs on foreign goods among major global economies.
This is not the first time Trump has criticised India for its tariffs. Just last month, he called the nation a "big abuser" of US trade relations.
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Tamil Nadu Chief Minister M K Stalin has announced a bonus and ex-gratia for 2.75 lakh employees of state public sector undertakings and statutory boards for the 2023-24 fiscal.
Accordingly, all eligible workers of profit making PSUs under group C and D will be paid a minimum bonus of Rs 8,400 and a maximum of Rs 16,800, amounting to 8.33 per cent bonus and an ex-gratia of 11.67 per cent, an official release here said.
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