Gold Hovers Near $4500 as Global Market Trends Weigh on Indian Prices
Gold prices in India remained largely stable on August 31, despite some fluctuations in the global market. The yellow metal hovered near $4,500 per ounce, with spot gold trading at USD 4,454.47 per ounce as of 5:55 am. However, gains were limited by expectations of higher US interest rates following comments from Federal Reserve Chairman Kevin Warsh.
The price of 24-carat gold stood at Rs 1,56,270 per 10 grams in Delhi, while 22-carat gold was priced between Rs 1,43,247 and Rs 1,43,724 per 10 grams across various cities. Silver prices also varied, with Chennai recording the highest rate at Rs 2,38,442 per kg.
The US dollar's weakness boosted the appeal of gold among buyers using other currencies. However, the metal slipped below the USD 4,500-per-ounce mark in the previous session after trading around the USD 4,600 level earlier on Friday.