NEW DELHI, Aug 28: Gold prices in India rose by Rs 300 to Rs 1,01,570 per 10 grams due to concerns over the US Federal Reserve’s independence following President Donald Trump’s threats to fire Fed Governor Lisa Cook.
The price movement was driven by a weaker US dollar, expectations of a reduction in interest rates by the Federal Reserve, and ongoing tariff developments.
Gold of 99.9% purity had settled at Rs 1,01,270 per 10 grams in the previous market session.
In the local market, gold of 99.5% purity climbed Rs 200 to Rs 1,01,000 per 10 grams (inclusive of all taxes). Silver prices remained unchanged at Rs 1,20,000 per kilogram.
The legality of President Trump’s ability to terminate Lisa Cook is being discussed, as the fight between Trump and the Federal Reserve escalated after Cook’s lawyer said she will sue Trump’s administration to stop its attempt to fire her. Spot gold increased by USD 8.09 to trade at USD 3,405.55 per ounce in New York. (PTI)
