The gold prices soared Rs400 to reach Rs1,01,420 per 10 grams in the national capital on Thursday, mainly by renewed buying interest among stockists and supported by strong trends in the global markets, as per the All India Sarafa Association.
Gold of 99.9 per cent purity had previously closed at Rs1,01,020 per 10 grams. Similarly, gold of 99.5 per cent purity also witnessed a hike of Rs400, moving up to Rs1,01,000 per 10 grams (inclusive of all taxes) from its previous close of Rs1,00,600 per 10 grams on Wednesday.
The white metal followed suit with a strong rally, climbing by Rs1,500 to settle at Rs1,13,500 per kg (inclusive of all taxes) in the national capital on Thursday, reflecting the upbeat mood in precious metals.
“Gold and silver prices rose after traders increased their bets on the US Federal Reserve for resuming interest rate cuts in the September meeting. While indications of a slowing labour market provided room for additional easing, the most recent US Consumer Price Index report allayed worries over tariff-driven inflation,” Renisha Chainani, Head of Research at Augmont said.
On the global front, spot gold saw a marginal rise and was trading at USD 3,356.96 per ounce in New York. Analysts observed that yellow metal prices were gaining momentum ahead of key U.S. economic data releases.
“Gold extends gains to trade ahead of US Producer Price Index and jobless claims data. However, optimism over trade, as Washington and Beijing extended their tariff truce by 90 days, and upcoming talks between US, European, Ukrainian, and Russian leaders, could temper further upside,” said Kaynat Chainwala, AVP of Commodity Research at Kotak Securities.
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Providing further insight into the price movement, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, noted that the weakening of the US dollar has also supported gold’s upward trend. He added that persistent global tariff concerns continue to underpin gold’s strength.
“Dollar weakness has lent support to yellow metal prices, while ongoing tariffs on various countries have also underpinned its strength. Overall, gold remains positive as long as USD 3,280 per ounce level is held,” Trivedi said.
Meanwhile, despite the positive cues in domestic markets, spot silver witnessed a minor dip globally, slipping 0.41 per cent to USD 38.35 per ounce.
The surge in domestic gold and silver prices is seen as a reflection of global economic factors, traders’ expectations of monetary policy shifts, and geopolitical developments that continue to influence investor sentiment towards safe-haven assets.
