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The dollar strengthened after a Federal Reserve survey showed U.S. banks reported tighter credit standards and weaker loan demand from both businesses and consumers during the second quarter, evidence that the central bank's rate-hike campaign is slowing the nation's financial gears as intended.
Silver also climbed Rs 600 to Rs 77,600 per kilogram.Gold prices in the domestic market surged to their highest level since June 10, following a bullish trend in the overseas market, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.In the global market, gold and silver were quoting higher at USD 1,978 per ounce and USD 25.05 per ounce, respectively.
Gold prices edged higher on Tuesday, with spot prices in the Delhi markets trading at Rs 60,050/10 gram, up Rs 100 per 10 gram, Saumil Gandhi, senior analyst, commodities at HDFC Securities, said.In the international market, both gold and silver were trading higher at USD 1,960 per ounce and USD 24.91 per ounce, respectively
Interest rate futures showed markets mostly priced in another rate hike from the Federal Open Market Committee (FOMC) at its July 25-26 meeting, with rate cuts seen in 2024. * Lower interest rates decrease the opportunity cost of holding non-yielding bullion. * However, Fed Governor Christopher Waller on Thursday said he was not ready to call an all-clear on inflation and favours rate hikes this year - the sentiment reflected in June's FOMC minutes.
Gold rose on Monday as the dollar weakened and economic concerns persisted, while an import ban on the metal from Russia by four of the G7 countries also supported prices to some extent.
Gold futures on MCX were up merely 0.07 per cent or Rs 31 at Rs 46,901 per 10 grams. Silver futures gained 0.26 per cent or Rs 177 to Rs 67,910 per kg.