Gold prices rose in Delhi on Tuesday following a rise in global metal prices and weakness in the US dollar, news agency PTI reported.
The price of pure gold increased by (99.9%) ₹from 1,050 ₹According to All India Sarafa Association, Rs 1,61,450 per 10 grams (including all taxes). closed on gold ₹₹1,60,400 per 10 grams in the last trading session on Monday. Struggling with some losses in the previous session, Tuesday’s rally helped gold recover its price to some extent.
Rise in silver prices in domestic market
Silver also showed a similar trajectory with prices rising in the domestic market on Tuesday, PTI reported. silver rose ₹to reach 1,300 ₹₹2,71,000 per kg (including all taxes). Silver was stable in the last session ₹₹2,69,700 per kg.
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Spot gold prices in international markets climbed 1% to US$4,528.75 an ounce, according to market data cited in the PTI report. International silver prices rose 2% to US$76.29 an ounce.
Gold remains above the key USD 4,500 level
According to Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, quoted by PTI, gold remained steady in overseas markets on Tuesday and continued to trade above the key level of US$ 4,500 an ounce. Gandhi said gold prices remained range-bound during the day as investors awaited more clarity on geopolitical developments.
Saumil Gandhi of HDFC Securities says investors were also keeping a close eye on the upcoming US economic data before taking new positions in the market. He further said, fall in crude oil prices supported bullion prices. Sawmill also noted that soft US Treasury yields also helped support gold prices in global markets. Weakness in US dollar made gold more attractive and supported the recovery in bullion prices.
He highlighted that these factors helped stabilize gold prices after the fall recorded on Monday. Overall, strong global market trends, weak US dollar, lower crude oil prices and soft bond yields were the major reasons for the rise in gold and silver prices on Tuesday, according to market experts and All India Bullion Association cited in the PTI report.
