NEW DELHI
On Monday, amid stable worldwide trends, gold prices increased by Rs 200 to Rs 72,350 per 10 grammes, while silver prices surged by Rs 1,000 per kilogramme in the local market.
Shut up PlayerUnibots.com NEW DELHI: On Monday, amid stable worldwide trends, gold prices increased by Rs 200 to Rs 72,350 per 10 grammes, while silver prices surged by Rs 1,000 per kilogramme in the local market.
The All India Sarafa Association stated that on Saturday, the yellow metal with a 99.9% purity had closed at a lower price of Rs 72,150 per 10 grammes during the previous session. The price of silver increased by Rs 1,000 from the previous close to Rs 83,500 per kilogramme.
In the meantime, the price of 10 grammes of 99.5% pure gold increased by Rs 200 to Rs 72,000. It had closed the last trading on Saturday at Rs 71,800 for 10 grammes.
The surge in gold prices was ascribed by traders to heightened demand from regional jewellers and a robust pattern in international markets.
Globally, Comex gold is up USD 8.40 per ounce to trade at USD 2,481.80 per ounce. According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, “gold prices rose on Monday as persisting geopolitical concerns about Middle Eastern crises boosted the safe-haven demand for precious metal.
In addition, Gandhi said that traders had raised their wagers on the US Federal Reserve’s (Fed) aggressive interest rate reductions this year in response to recent dismal macro data that supported the yellow metal even more.
As investors became more optimistic that the Fed will cut interest rates in September of this year, gold prices stabilised following a significant increase in the previous session, according to Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services. This was supported by a decline in US Treasury yields.
The price of an ounce of silver has increased to USD 28.01 on global markets. When the US consumer price index data is released the following week, traders will be looking for clues about the Fed’s likely course for monetary policy, according to Modi.
According to Jateen Trivedi, VP Research Analyst, Commodities and Currency, LKP Securities, rising Middle East tensions—particularly worries about an impending Iranian attack on Israel—are a major factor driving up gold prices.
