Gold Prices Climb in Delhi: Check Today’s Latest Rates
Gold prices in the national capital surged by Rs 580 on Monday, touching Rs 97,030 per 10 grams for 99.9% purity, as per the All India Sarafa Association.
Gold prices in the national capital surged by Rs 580 on Monday, touching Rs 97,030 per 10 grams for 99.9% purity, as per the All India Sarafa Association. The metal had previously closed at Rs 96,450 on Friday, marking a significant upward trend.
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Gold of 99.5% purity also saw a similar rise of Rs 580, settling at Rs 96,580 per 10 grams, compared to Rs 96,000 in the previous session. The rally in domestic prices follows strong cues from international markets.
Global Trends Drive Gold Rally
According to Chintan Mehta, CEO of Abans Financial Services, the upward momentum in gold is largely driven by softer US PPI and CPI data for April, signaling disinflation. Additionally, concerns over the US economy intensified after Moody’s downgraded the US credit rating from Aaa to Aa1, leading to a decline in investor interest in US Treasury bills and a shift toward safe-haven assets like gold.
“This move has reignited interest in gold, as investors reduce exposure to US Treasury bills and seek a safe haven asset,” said Mehta.
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Silver Prices Also Climb
Silver prices followed suit, appreciating by Rs 500 to settle at Rs 98,500 per kg (inclusive of all taxes), compared to Rs 98,000 on Friday.
On the Multi Commodity Exchange (MCX), gold futures for the most active contract surged Rs 1,182 or 1.28% to trade at Rs 93,623 per 10 grams. Silver futures for July delivery rose Rs 662 to Rs 95,980 per kg.
Spot Gold and Silver Prices in Global Markets
Globally, spot gold prices jumped USD 39.05 or 1.22% to reach USD 3,241.82 per ounce, reflecting increasing investor demand amid economic uncertainty.
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US Economic Data in Focus
According to Pranav Mer, Vice President of Commodity & Currency Research at JM Financial Services, the market focus will shift to key US macroeconomic data this week, including:
- Manufacturing PMI
- Services PMI
- Housing data
These indicators are expected to shape the US Federal Reserve’s next move on interest rates.
Goldman Sachs Predicts Gold to Hit USD 3,700 by End of 2025
Goldman Sachs forecasts that gold prices could reach USD 3,700 per ounce by the end of 2025, driven by:
- Ongoing central bank purchases
- Rising ETF investor holdings
- Anticipation of US Fed rate cuts
- Recession concerns
In a worst-case economic downturn, the investment bank predicts prices could climb to as much as USD 3,880 per ounce.
