The price of gold increased by Rs 200 to Rs 99,020 per 10 grams in the bullion market of the national capital on Wednesday due to continuous purchases by the stockist. The All India Bullion Association gave this information. The price of gold with 99.9 percent purity was closed at Rs 98,820 per 10 grams in the last market session.
Gold with 99.5 percent purity in the national capital increased by Rs 100 to Rs 98,600 per 10 grams (including all taxes) on Wednesday. On Tuesday, it closed at Rs 98,500 per 10 grams. Senior analyst (commodity) of HDFC Securities, Soumil Gandhi said that there was a slight positive attitude in gold on Wednesday as the demand for safe investment saw a boom in precious metals.
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US President Donald Trump on Tuesday issued a new duty warning on drug imports. He said that the start of the fee will be low, but over time it can increase by up to 250 percent. Additionally, Trump indicated that the fee on semiconductor and chips would be announced soon.
Gandhi said that this fee uncertainty has increased the risk on precious metals. Sarafa Sangh said that silver prices rose by Rs 500 to Rs 1,12,500 per kg (including all taxes) on Wednesday. Silver closed at Rs 1,12,000 per kg in the previous season. Gandhi said that bullion traders will keep an eye on the speeches of the members of the Federal Reserve, which can give guidance about the direction of bullion prices.
Gold spot in New York fell $ 17.51 or 0.52 percent to $ 3,363.35 an ounce. Jatin Trivedi, vice -president (commodity and currency) of the research analysis of LKP Securities, said that the prices of precious metals were seen in international markets and gold prices remained weak due to positive rise in the last few days in the dollar index. Silver spot on the international front declined by 0.12 percent to $ 37.76 an ounce.
Chintan Mehta, Chief Executive Officer of Absse Financial Services, said that investors are keeping a close watch on America’s trade talks with other countries. The reason for this is that any new fee can increase pressure on the economy and inflation can be faster, which can support gold prices. Language edited by: Sudhir Sharma
