Today’s Gold and Silver Prices in Different Cities
The increase is attributed to fresh buying from jewellers and retailers, along with the depreciation of the rupee, according to the All-India Sarafa Association.
New Delhi: Gold prices surged by Rs 500 to reach Rs 81,300 per 10 grams in the national capital on Thursday, marking a two-month high.
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The increase is attributed to fresh buying from jewellers and retailers, along with the depreciation of the rupee, according to the All-India Sarafa Association.
Silver Prices Also See Significant Jump
Silver prices also soared, rising by Rs 2,300 to reach Rs 94,000 per kg, compared to the previous closing price of Rs 91,700 per kg.
Gold Futures Trade and Rupee Impact
In the futures market, gold contracts for February delivery saw a rise of Rs 297, or 0.38%, to Rs 79,007 per 10 grams on the Multi Commodity Exchange (MCX). The rupee depreciated 16 paise to close at 86.56 against the US dollar, influenced by a strong American currency, higher crude oil prices, and foreign fund outflows.
Global Gold Prices and US CPI Data
Globally, Comex gold futures rose by USD 19.70 per ounce, or 0.72%, to USD 2,737.50 per ounce. Jateen Trivedi, VP Research Analyst at LKP Securities, noted that the rally in international gold prices followed the release of the US Consumer Price Index (CPI) data, which met expectations for December. A lower-than-expected core CPI further boosted gold prices.
Market Outlook and US Economic Data
HDFC Securities’ Senior Analyst Saumil Gandhi highlighted that market participants will be closely monitoring upcoming US macroeconomic data, including retail sales and the Philadelphia Fed Manufacturing Index, which could provide further direction for bullion prices.
Also Read: Today’s Gold and Silver Prices in Different Cities
Optimistic Outlook for Gold
Experts like Renisha Chainani, Head of Research at Augmont, remain optimistic about gold’s future prospects. Factors such as potential economic policies and inflationary pressures under the new US administration are expected to contribute to the continued strength of gold prices.
