Gold price fell by Rs 47,442 per 10 grams, silver fell

New Delhi. Gold on Friday rose by Rs 294 to Rs 47,442 per 10 grams in the Delhi bullion market amid a jump in international gold prices. HDFC Securities gave this information. The previous closing price of gold was Rs 47,148 per 10 grams.Conversely, silver fell by Rs 170 to Rs 66,274 per kg. Its previous closing price was Rs 64,444. In the international market, gold traded higher at USD 1,830 an ounce, while silver was almost unchanged at USD 25.57 an ounce.

Why did the price of gold rise

According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities, “Gold saw strong buying on the back of dollar selling after the FOMC meeting. The dollar index fell to a four-week low, which increased buying in gold.

In the foreign exchange market, the rupee opened with an unchanged trend against the dollar in morning trade and later improved by four paise against the dollar.

Navneet Damani, vice-president, Commodity Research, Motilal Oswal Financial Services, said, "The US Federal Governor's easing of apprehensions in the context of interest rate hikes and softening stance has increased the demand for gold as a safe investment option, thereby increasing the demand for gold." Gold has gained momentum and is poised to make its highest weekly gain in nearly two months.”

Gems and jewelery exports up 92.37 per cent in June

Significantly, the total export of gems and jewelery grew by 92.37 per cent to Rs 20,851.28 crore in the month of June. According to the Gems and Jewelery Export Promotion Council (GJEPC), the export of gems and jewelery stood at Rs 10,838.93 crore in the corresponding period last year. GJEPC said gold jewelery exports grew by 398.70 per cent to Rs 4,185.10 crore in June as compared to Rs 839.21 crore in the same month of the previous fiscal, GJEPC said.