Gold prices rose by Rs 250, reaching a new all-time high of Rs 78,700 per 10 grams on Monday, driven by steady buying from jewellers and strong trends in international markets. The precious metal had previously closed at Rs 78,450 per 10 grams on Friday.
However, silver declined Rs 200 to Rs 94,000 per kg from Rs 94,200 per kg on Friday, according to the All India Sarafa Association.
Meanwhile, gold of 99.5 per cent purity climbed Rs 200 to hit an all-time high level of Rs 78,300 per 10 grams. The yellow metal had closed at Rs 78,100 per 10 grams in the previous session.
Traders attributed the gains in gold prices to increased domestic demand by stockists and retailers.
Besides, the decline in equity markets also aided the rally in the precious metal as investors moved towards safe-haven assets such as gold, they added.
Also Read: मालदीव में RuPay कार्ड से भुगतान की शुरुआत हुई
Gold Steady, Silver Dips as Middle East Tensions and US Inflation Data Drive Market Sentiment
In the Asian trading hours, Comex gold is trading 0.14 per cent higher at USD 2,671.50 per ounce.
“COMEX gold remains steady, as tempered expectations for aggressive interest rate cuts by the US Federal Reserve counter safe-haven demand amid ongoing tensions in the Middle East.
“Gold prices may continue to trade in a narrow range as caution prevails ahead of upcoming US inflation numbers,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.
Meanwhile, silver dropped 0.61% to USD 32.20 per ounce in global markets.
Traders have reduced their expectations for a 50 basis point interest rate cut in November. Additionally, rising tensions in the Middle East are adding a risk premium to bullion prices, noted Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services Ltd.
Pranav Mer, Vice President of EBG – Commodity & Currency Research at JM Financial Services, highlighted that key events to watch this week include the US Consumer Price Index (CPI) and consumer sentiment data, along with developments in the Middle East conflict, which will influence the direction of gold prices.
Also Read: Zomato CEO Denied Mall Lift Access While Picking Up Order
[…] Also Read: Gold Surges by Rs 250, Reaches New All-Time High of Rs 78,700 per 10g […]
Your blog is a treasure trove of knowledge! I’m constantly amazed by the depth of your insights and the clarity of your writing. Keep up the phenomenal work!