Gold prices rose by Rs 500 to Rs 99,170 per 10 grams on Wednesday in the bullion market of the national capital. Gold saw this boom due to heavy global procurement amidst new concerns over the US fee. The All India Bullion Association gave this information. In the previous session, the price of gold with 99.9 percent purity rose by Rs 1,200 to Rs 98,670 per 10 grams on Tuesday. In two consecutive sessions, gold has increased by Rs 1,700 per 10 grams.
Gold with 99.5 percent purity rose by Rs 450 to Rs 98,600 per 10 grams (including all taxes). In the last business, it closed at Rs 98,150 per 10 grams.
FX and Jens Head of Nuwama Professional Clients Group, Abhilash Koekra said that gold started rapidly in the July-September quarter. Recently, there has been a decrease in geopolitical risk after the Iran-Israel ceasefire with a decline from the high level of June.
He said that central banks bought more than 50 tonnes of gold in June, led by China and Turkey, while especially in Europe, amidst trade tension, Gold ETFs saw a renewed investment in Gold ETF. However, silver prices on Wednesday remained stable at Rs 1,04,800 per kg (including all taxes).
Senior analyst of HDFC Securities-Soumil Gandhi said that gold has increased by the demand for safe investment amid concerns over the widespread taxes of US President Donald Trump and concerns over the fiscal implications of the expenditure deduction bill. Gold, spotted in global markets, rose marginally to $ 3,342.44 an ounce.
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Kayanat Chanwala, AVP of Jens Research in Kotak Securities, said, “Gold remains stable around $ 3,350 levels amidst the new trade tension, as President Trump has said that he is not considering extending the July 9 time limit for counter -duty rates on business partners.
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According to Chintan Mehta, Chief Executive Officer (CEO) of Abson Financial Services, investors will wait for US labor data, ADP employment reports will come in the latter half of the day and non-agricultural payroll and unemployment rate figures on Thursday. Mehta said that these figures would indicate the next step of the US Federal Reserve. Language edited by: Sudhir Sharma
