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Gold and silver prices edged lower in India amid a stronger rupee through global cues that were positive. On MCX, gold futures were down 0.17 per cent to Rs 47459 per 10 gram, while silver rates edged lower to Rs 64,050 per kg. The Indian rupee on Friday had jumped to over ten weeks against the US dollar, making gold imports cheaper into India. Gold prices in India include 10.75 per cent import duty and 3 per cent GST. In the previous session, gold had risen about Rs 400 to a near one-month high.
In global markets, gold rates today rose to an almost one-month high after US Federal Reserve Chair Jerome Powell on Friday stopped short of providing any clear guidance on the timeline for paring economic support at the Jackson Hole economic conference.
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Spot gold was up 0.2 per cent at $1,819.71 per ounce. Though Powell indicated that the central bank plans to cut its asset purchases this year, he said that a lot of ground needs to be covered before Fed decides to raise interest rates. Among other precious metals, silver rose 0.3 per cent to $24.07 per ounce, while platinum climbed 0.7 per cent to $1,015.08.
“The much-awaited Fed commentary after the Jackson Hole Symposium has indicated that ‘it would be appropriate to start reducing asset purchases this year.’ But the Fed chief has hastened to add that there is much ground to cover before rate hikes. So, even though this can be treated as the beginning of normalization of the accommodative policy, the communication is smart enough not only to calm the markets but to enthuse it too. Consequently, the dollar index has slipped to below 93,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
