Today’s Gold and Silver Prices in Different Cities

New Delhi: Gold prices rose by Rs 300 for the third consecutive session, reaching Rs 80,300 per 10 grams in the national capital on Thursday, driven by strong global cues, according to the All-India Sarafa Association.

Surge in Gold Prices Due to Strong Global Factors

Traders indicated that the precious metal’s rise was primarily fueled by news that the People’s Bank of China (PBoC) had increased its reserves for the second consecutive month. In the previous session, gold of 99.9 percent purity had closed at Rs 80,000 per 10 grams.

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Silver Prices Also Witness an Uptick

Silver prices also saw a rise, climbing by Rs 500 to Rs 93,000 per kg, up from Rs 92,500 per kg on Wednesday. In futures trade, gold contracts for February delivery rose by Rs 247, or 0.32 percent, to Rs 77,994 per 10 grams on the Multi Commodity Exchange (MCX). Similarly, silver for March delivery rallied by Rs 593, or 0.65 percent, to Rs 91,531 per kg.

Global Factors Impacting Gold Prices

Globally, Comex gold futures rose by USD 10 per ounce, or 0.37 percent, to USD 2,682.40 per ounce. Analysts attributed the rise to risk-off sentiment in the equity markets and weak macroeconomic data from China, which led investors to flock towards gold as a traditional safe-haven asset.

Economic Data from China and US Job Report Impacting Market

Saumil Gandhi, Senior Analyst at HDFC Securities, noted that China’s consumer inflation had fallen to zero, raising concerns about growth in the world’s second-largest economy. Additionally, traders are awaiting the US jobs report, which is expected on Friday, for more insight into the Federal Reserve’s monetary policy outlook.

Renisha Chainani, Head of Research at Augmont, added that heightened geopolitical tensions and market volatility were driving investors toward precious metals like gold for stability.