Gold Drops ₹250 Amid Weak Global Cues; Silver Jumps ₹1,000

New Delhi, August 22: Gold prices fell by ₹250 on Friday, settling at ₹1,00,370 per 10 grams in the national capital, in line with weak trends in the global market, according to the All India Sarafa Association. On Thursday, the yellow metal had closed at ₹1,00,620 per 10 grams.

Gold of 99.5% purity also declined by ₹150, settling at ₹1,00,050 per 10 grams (inclusive of all taxes), down from ₹1,00,200 in the previous session.

In contrast, silver prices witnessed a sharp rally, surging by ₹1,000 to ₹1,15,000 per kilogram on Friday. On Thursday, the white metal had ended at ₹1,14,000 per kg.

Globally, spot gold dropped 0.25% to USD 3,330.48 per ounce in New York, while spot silver fell 0.48% to USD 37.96 per ounce.

Analysts suggest that bullion prices are moving within a tight range as investors await cues from US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium. His comments are expected to shed light on the future course of monetary policy.

“A potential rate cut in September is on the cards, but Powell may keep it data-dependent given the mixed signals from the US economy,” said Praveen Singh, Head of Commodities and Currencies, Mirae Asset Sharekhan.