On Friday, Gold price in India rises for the first time in this week. On the Multi-Commodity Exchange (MCX), October gold contracts climbed 0.35% to Rs 47,403 for 10 grams at 0930 hours on August 27. Silver price also edged higher on Friday after declining for the last four days. The precious metal price rose 0.27 per cent to Rs 62,892 on August 27.
On Friday, in the international market, gold prices were stable. Spot gold increased by 0.1% to $1,793.68 per ounce at 0104 GMT while US gold futures rose by 0.1% to $1,796.70, as per Reuters. Silver was flat at $23.54 per ounce.
Amit Khare, AVP-research Commodities, Ganganagar Commodities Limited said, "US GDP report for the second quarter showed a 6.6 growth rate. This was 6.5% reported in the first GDP estimate for the second quarter. The closely watched PCE price index of the GPD report came in at up 6.5% versus the first estimate of up 6.4%. The Fed’s Bullard on CNBC said the PCE index and price inflation in general is ‘higher than we’d expected.’ The PCE index is just one more indicator that inflation is running too hot."
Further he added, "The key outside markets today see the US dollar index firmer and still trending higher. Nymex crude oil futures prices are weaker and trading around $68.00 a barrel. Meantime, the yield on the benchmark US 10-year Treasury note is presently fetching 1.346 per cent. US bond yields are in the rise this week, hinting that bond traders are at least a bit worried about a hawkish US monetary policy tone coming from the Fed at this week’s Jackson Hole confab."