Gold prices today, September 1, in India come after India’s Q1 GDP data shows the country’s fastest economic growth in the world leaving behind China. In Delhi, 22-carat gold prices on Friday stood at Rs 55,200 per 10 grams while 24-carat gold rates were at Rs 60,200 per 10 grams. Silver price on Friday stood at Rs 77,100 per kg.
Among other major cities, in Mumbai, 22-carat and 24-carat gold prices stood at Rs 55,050 per 10 grams and Rs 60,050 per 10 grams. In Kolkata also, the rates of the precious metal were the same. In Chennai, gold rates were Rs 55,350 and Rs 60,390 per 10 grams for 22-carat and 24-carat, respectively.
In Agra, gold stood at Rs 55,200 per 10 grams and Rs 60,200 per 10 grams. In Thiruvananthapuram, gold prices were at Rs 55,050 per 10 grams and Rs 60,050 per 10 grams for 22-carat and 24-carat purities, respectively.
On the MCX, gold prices were trading flat at Rs 59,350 per 10 grams and silver was slightly up at Rs 75,785 per kg in the futures market.
In the international market, gold stood flat at $1,940.7 an ounce and silver was at $24.52 an ounce.
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One, “Gold held steady near its one-month peak as anticipated US inflation and weaker job figures reinforced predictions of the Federal Reserve maintaining interest rates this year."
He added that the US personal consumption expenditures price index saw a 0.2 per cent increase, mirroring June’s growth, while the index rose 3.3 per cent over the past year, compared to June’s 3.0 per cent uptick.
“Although US consumer spending gained momentum in July, US Treasury yields and the dollar index slightly rose after briefly paring gains post-data release, reducing the allure of non-yielding gold," Mallya said.
According to the FedWatch tool, it indicated an 88.5 per cent probability of unchanged rates in September and a 51 per cent chance of a pause in November.
“Gold prices are expected to remain under pressure, as expectations that the US Fed will keep the interest rates at elevated levels," he said.
