New Dera: Gold prices surged to the psychological mark of Rs 1,650 in the national capital, amid a weak dollar on Monday and uncertainty about the U.S.-China trade war-driven demand, which was 1,650 rupees, and the All India Sarafa Association, which had a 99.9% metal purity of 99.9% on Monday, enjoying Rs 99,800 per 10 Grams for every 10 Grs. On Friday, its value fell by Rs 20 and closed at Rs 98,150.
99.5% gold purity bounces Rs 1,600, reaching a new peak of Rs 99,300 per 10 grams on the local market. At the end of the previous market, it shrunk to Rs 97,700 per 10 grams.
Since December 31 last year, gold metal prices have risen by Rs 20,850, or 26.41% per 10 grams so far this year.
The silver price is also thankful to Rs 500 to Rs 98,500 per kilogram. On Friday, the white metal was trading at Rs 98,000 per kilogram.
“This year, gold and silver prices have moved significantly due to ongoing trade tensions, lower expectations, geopolitical uncertainty and weakening of the dollar. So far, gold has soared more than 25%, including a 6% gain since the tariff announcement on April 2,” said Satish Dondapati, fund manager at Kotak Mahindra Amc, who said the gold medal yields are high.
On the multi-commodity exchange, gold futures delivered in June jumped 1,621 rupees, or 1.7%, to touch a new height of 96,875 rupees per 10 grams.
On-site gold rose to a new peak of $3,397.18 per ounce in the international market. Later, it traded for $3,393.49 per ounce and earned some gains.
Globally, gold futures violated the psychological value of 3,400 people for the first time, at $80 per ounce, or 2.4%.
“Gold prices continued positive momentum and briefly rose by $3,400 per ounce as trade tariffs and uncertainties, weakness in the dollar and rising yields on Treasury bills continued to support.
Pranav Mer Pranav Mer, Vice President, EBG EBG, JM Financial Services EBG EBG, has increased buying activity among ETF investors amid the upcoming holiday demand in India.
Kaynat Chainwala of Commodity Research AVP said gold prices continued to rally as U.S. President Donald Trump threatened Fire Fed Chairman Jerome Powell.
Spotted silver in Asian market time rose nearly 1% to $32.85 per ounce.
Market participants will closely follow President Trump’s evolving tariff strategy and its broader economic impact, as well as comments from members of the Federal Open Market Committee (FOMC) to get clues to the direction of interest rates, according to Chintan Mehta, CEO of Abans Financial Services.
Mehta said any signal that further eases or extends uncertainty can enhance the attractiveness of gold and increase the demand for wind shelter.
