Gold Price Today: Gold flat at Rs 75,290/10 gm; silver opens at Rs 92,190/kg
Gold prices witnessed some profit booking in Wednesday’s session, closing at Rs 75,313 after falling from its all-time and day’s high of Rs 76,000/10 gm. Meanwhile silver dipped by Rs 750/kg.
Silver on Wednesday reached a historic high and crossed the Rs 90,000 per kg mark in the physical market for the first time. It touched a price of Rs 90,324 per kg. In the international market, Gold steadied near a record high, trading around $2,660 per ounce as investors await key signals from the Federal Reserve's interest rate path.
The metal hit a record earlier this week but pulled back slightly as traders eye upcoming inflation data and a speech by Fed Chair Jerome Powell. Lower interest rates typically boost gold, which doesn’t offer interest. Investors are anticipating over 75 basis points of rate cuts before 2025, with further clarity expected from Powell’s address at the US Treasury Market Conference.
Gold’s strong performance this year, up nearly 30%, has been driven by central bank purchases, geopolitical concerns, and recent Fed rate cuts. Traders are also keeping an eye on upcoming US economic data like the PCE inflation gauge and jobless claims for more hints on the Fed’s next move
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