Gold jumps Rs 500 to Rs 72,850 per 10 g; silver remains flat
Traders attributed the rise in gold prices to the rising demand from retail buyers as well as jewellers
By Newsmeter Network Published on 13 Aug 2024 11:29 AM GMT
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New Delhi: Gold prices jumped Rs 500 to Rs 72,850 per 10 grams in the national capital on Tuesday amid strong cues from the global market and a rise in domestic demand.
In the previous session, the precious metal of 99.9 per cent purity had settled at Rs 72,350 per 10 grams on Monday. However, silver prices remained flat at Rs 83,500 per kilogram on Tuesday, according to the All India Sarafa Association.
Meanwhile, gold of 99.5 per cent purity also rallied by Rs 500 to Rs 72,500 per 10 grams against the previous close. Traders attributed the rise in gold prices to the rising demand from retail buyers as well as jewellers.
In the overseas market, gold is trading at USD 2,502.70 per ounce, up by USD 1.30 per ounce. "Gold's gains on Tuesday as demand for safe-haven assets continued to support the precious metal's rise.
"Further, there were concerns that Iran could strike Israel as early as this week have raised the gold-safe haven premium," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, Comex gold surged by 1.2 per cent to an all-time closing high of USD 2,504 per ounce on Monday, driven by escalating tensions in the Middle East, a decline in US Treasury yields, and expectations of the US Federal Reserve interest rate cuts at its September 18 meeting.
However, silver was quoting lower at USD 27.81 per ounce in the international markets.
"Gold prices are seen consolidating previous session gains amid caution ahead of the important US inflation data that could set the tone for the Fed's policy meeting early next month," Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services, said.
Also, the bullion remains supported by higher safe-haven bids amid signs of escalation in the Russia-Ukraine conflict, Mer added.
As per Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One, traders are closely watching upcoming US producer and consumer price index data, which could provide further insights into the Fed's interest rate trajectory.
Inputs from PTI
