Gold and Silver Prices Surge in India Amid Strong Retail Demand
Gold prices continued their upward trend on Monday, driven by robust buying from jewellers and retailers. According to the All India Sarafa Association, gold rates jumped by ₹550, reaching ₹99,300 per 10 grams in the national capital.
New Delhi: Gold prices continued their upward trend on Monday, driven by robust buying from jewellers and retailers. According to the All India Sarafa Association, gold rates jumped by ₹550, reaching ₹99,300 per 10 grams in the national capital.
Gold Price Jumps by ₹2,760 in Less Than a Week
The precious metal with 99.9% purity, which closed at ₹98,750 per 10 grams last Friday, has now seen a total increase of ₹2,760 per 10 grams since Wednesday of the previous week. Gold with 99.5% purity also rose by ₹500, settling at ₹98,800 per 10 grams, inclusive of all taxes.
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Silver Crosses ₹1 Lakh Mark Per Kg
Silver prices also witnessed a sharp surge, climbing ₹1,170 to reach ₹1,00,370 per kilogram on Monday, compared to ₹99,200 per kg in the previous trading session. This rise marks a significant milestone as silver crosses the ₹1 lakh mark per kg.
International Gold Prices Decline Despite Domestic Surge
In contrast to the domestic market, spot gold prices in global markets dipped by USD 24.83 per ounce, or 0.74%, to USD 3,332.59 per ounce. Analysts attribute this decline to the easing of safe-haven demand.
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Trump’s Tariff Delay Affects Global Sentiment
Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd, stated that the global decline was influenced by President Donald Trump’s postponement of a 50% tariff on EU goods, now rescheduled for July 9. This move led to reduced investor anxiety and safe haven buying.
Investors Eye Upcoming Fed Meeting Minutes
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, noted that investors are closely watching the upcoming US Federal Reserve’s FOMC meeting minutes, set to be released on Wednesday. The report is expected to provide further insight into the future path of US interest rates, which could significantly influence gold’s global trajectory.
Outlook
While international prices have shown some weakness, domestic gold and silver prices remain strong, fueled by high demand from retailers and festive season purchases. Analysts suggest that unless global economic indicators shift dramatically, bullish sentiment in the Indian bullion market is likely to continue.
