New Delhi: Gold prices in the national capital on Thursday rose by Rs 400 to Rs 1,01,420 per 10 grams on fresh buying by stockists in line with strong global trends, according to the All India Sarafa Association.
The yellow metal of 99.9 per cent purity had closed at Rs 1,01,020 per 10 grams in the previous session.
Gold of 99.5 per cent purity rose by Rs 400 to Rs 1,01,000 per 10 grams (inclusive of all taxes) on Thursday. It had closed at Rs 1,00,600 per 10 grams on Wednesday.
In the national capital, the price of silver on Thursday rose by Rs 1,500 to Rs 1,13,500 per kg (inclusive of all taxes).
Renisha Chainani, Head of Research at Augmont, said, “Gold and silver prices rose after traders raised bets on the US Federal Reserve resuming interest rate cuts at its September meeting. Signs of a slowdown in the labour market provided scope for further easing, while the recent US Consumer Price Index report eased concerns of tariff-driven inflation.”
Globally, spot gold rose marginally to $3,356.96 an ounce in New York.
Gold prices continued to rise ahead of US producer price index and jobless claims data.
“However, optimism over trade could be further boosted by Washington and Beijing extending their tariff pact by 90 days and upcoming talks between US, European, Ukrainian and Russian leaders,” said Kaynat Chainwala, AVP, Commodity Research at Kotak Securities.
According to Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, weakness in the dollar has supported gold prices, while ongoing tariffs on various countries have also supported its strength. Overall, as long as gold remains above the level of $ 3,280 per ounce, the outlook remains positive.
However, spot silver fell 0.41 per cent to $ 38.35 per ounce.
