Delhi bullion market update news: The price of gold increased by Rs 700 to Rs 99,370 per 10 grams on Friday in the bullion market of the national capital. Gold with 99.5 percent purity rose by Rs 600 to Rs 98,800 per 10 grams (including all taxes). Global trade stress has increased its price due to increasing demand for gold as a safe investment amid concerns among investors. Apart from this, silver also increased by Rs 1,500 to Rs 1,05,500 per kg (including all taxes). Silver closed at Rs 1,04,000 per kg on Thursday.
According to the All India Bullion Association, gold with 99.9 percent purity closed at Rs 98,670 per 10 grams on Thursday. At the same time, gold with 99.5 percent purity rose by Rs 600 to Rs 98,800 per 10 grams (including all taxes). It closed at Rs 98,200 per 10 grams at the time of last market shutdown. Apart from this, silver price on Friday also increased by Rs 1,500 to Rs 1,05,500 per kg (including all taxes). Silver closed at Rs 1,04,000 per kg on Thursday.
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Senior analyst (commodity) in HDFC Securities Soumil Gandhi said, growing trade concerns, usually spoiled the balanced stance of a stable US dollar, which led to a rise in gold prices on Friday. US President Donald Trump recently reduced global risk perception due to fees related warnings. This increased the possibility of global trade war.
President Donald Trump has announced a 35 percent duty on imported goods from Canada from August 1 and indicated a plan to impose 15 to 20 percent duty on other business partners. Gandhi said that the uncertainty of fee has re -revealed this week and is a major factor promoting investment towards precious investment with safe investment.
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Regarding the market approach, he said that further activities related to tariffs will affect the direction of the prices of precious metals in the near future. Gold in international markets rose $ 24.63 or 0.74 percent to $ 3,348.67 an ounce. Silver spot in foreign markets also increased by 1.64 percent to $ 37.61 an ounce.
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According to commodity market experts, investors will wait for the June US Consumer Price Index (CPI) data to be released on Tuesday, which would be an important indicator for the direction of bullion prices. (Language)
Edited by: Chetan Gour
