The national capital Delhi recorded a strong increase in the price of gold and silver on Tuesday. Giving information, the All India Sarafa Association said that gold with 99.9% purity in Delhi rose ₹ 800 to ₹ 98,820 per 10 grams. The price of gold on Monday was ₹ 98,020 per 10 grams. According to PTI news, gold prices with 99.5% purity increased by ₹ 700 to ₹ 98,500 per 10 grams (including all taxes), which closed at ₹ 97,800 a day earlier.
Why sleep
According to the news, according to Soumil Gandhi, Senior Commodity Analyst of HDFC Securities, gold prices on Tuesday received the support of increasing demand in the form of safe haven asset. Also, it is expected in the market that the US Federal Reserve may resume the process of cutting interest rates in next month’s meeting. Gandhi further stated that the soft statements of Federal officials and the weak job data of the US have emphasized the possibilities of rate cut, leading to the trend of investors towards gold further.
Silver rose by ₹ 2,000
Along with gold, silver prices were also recorded fast. According to the All India Sarafa Association, silver jumped at ₹ 1,12,000 per kg (including all taxes) on Tuesday by jumping ₹ 2,000. On Monday, its price was ₹ 1,10,000 per kg.
What is going on in the international market
Praveen Singh, Associate Vice President of Mirae Asset Share Khan, said that on Monday, Spot Gold continued the rally and closes the USD at 3,375 per ounce with a gain of 0.30%, as the factory orders of June were weak in the US. He also said that due to the tariff warning given by former US President Donald Trump for the purchase of Russian oil to India, the rupee weakened and went to ₹ 88 per dollar, giving gold support. However, on Tuesday, Spot Gold in New York fell 20.95 (0.62%) to USD to reach 3,352.61 an ounce.
Which figures of market eyesight
According to the AVP of Kotak Securities, Commodity Research Canat Chanwala, gold is currently stable around 3,430 per ounce. Now the market is eyeing ISM Services PMI and America’s trade balance data. The spot silver remained almost stable internationally and was trading at USD 37.39 per ounce.
What will be the trend of gold and silver?
VP of LKP Securities, Research Analyst (Commodity and Currency) Jatin Trivedi said that the market still has a keen eye on the possibilities of changing the tariff policies of the US. The US is trying to re -balance the tariff structure in its favor. He says that even though there is a fluctuations for some time, gold prices are strengthening due to tariff uncertainty and weak dollar.
Latest business news
