The price of gold on Tuesday jumped by Rs 500 to Rs 72,850 per 10 grams in Delhi. However, the price of silver remained stable. The precious metal of 99.9 percent purity closed at Rs 72,350 per 10 grams on Monday in the previous session. According to the All India Sarafa Association, the price of silver remained stable at Rs 83,500 per kg on Tuesday. According to Bhasha news, amid strong signals from the global market and increase in domestic demand, gold of 99.5 percent purity also jumped by Rs 500 to Rs 72,500 per 10 grams as compared to the previous close.
Due to these reasons the prices increased
According to the news, traders attributed the rise in gold prices to increased demand from retail buyers as well as jewelers. Gold is trading at $ 2,502 in the foreign market. Gold rose on Tuesday as demand for safe-haven assets continued to support the precious metal’s rise. Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said that in addition, there were concerns that Iran could attack Israel earlier this week, which led to an increase in the gold-safe-haven premium.
COMEX gold hits all time high
According to Kaynat Chainwala, AVP, Commodity Research at Kotak Securities, Comex gold rose 1.2 per cent to an all-time high of $2,504 an ounce on Monday, driven by rising tensions in the Middle East, a drop in US Treasury yields and expectations of the US Federal Reserve cutting interest rates at its September 18 meeting. Silver was quoted lower at $27.81 an ounce in the international markets.
The trader has an eye
Bullion has been supported by higher safe-haven bids amid signs of escalation in the Russia-Ukraine conflict, said Mer, VP, EBG – Commodity & Currency Research at JM Financial Services. Traders are closely tracking upcoming US producer and consumer price index data, which could provide further insight into the Fed’s interest rate trajectory, says Prathamesh Mallya, DVP-Research, Non-Agricultural Commodities & Currencies at Angel One.
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