Gold Rs. 1,150 increased to Rs. 78,500/10 grams; Silver Rs. 1,500 has increased

According to the All India Sarafa Association, gold prices in the national capital on Friday rose to Rs. 1,150 to Rs. 78,500 per 10 grams had reached the level. In the previous session on Thursday, the precious metal of 99.9 per cent purity traded at Rs. 77,350 per 10 gm.

In silver Rs. 1,500 to Rs. 93,000 per kg, rising for the second consecutive day. On Thursday it was Rs. 91,500 per kg was fixed.

Gold of 99.5 per cent purity fell to Rs. 1,150 to Rs. 78,100 per 10 grams. In the previous close, the yellow metal was Rs. 76,950 per 10 gm.

Rising domestic demand coupled with positive global trends mainly led to the rise in gold prices, traders said.

In futures trade on the Multi Commodity Exchange (MCX), the gold contract for December delivery was Rs. 613 or 0.81 percent to Rs. 75,910 per 10 grams was traded.

“Gold prices remained elevated. Key drivers for the ongoing positive trend include US data supporting continued interest rate cuts, particularly due to higher jobless claims and elevated crude oil prices, indicating continued inflationary pressures,” Jatin Trivedi , VP Research Analyst – Commodities and Currencies at LKP Securities, said.

The silver contract for December delivery also traded on MCX at Rs. 900 or with a hike of 1 percent to Rs. 91,204 per kg.

Globally, Comex gold futures rose 0.79 percent to USD 2,660.10 an ounce.

“Gold rose on Friday, extending its overnight recovery as traders continued to assess the US Federal Reserve’s policy direction in the wake of mixed economic data,” said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities.

Additionally, demand for safe-haven assets boosted gold prices as tensions rose in the Middle East after Israeli PM Netanyahu convened a security cabinet meeting to consider the country’s response to Iran’s recent missile attack, Gandhi added.

Silver rose 0.56 percent to $31.42 an ounce in international markets.

Chintan Mehta, chief executive officer of Ebens Holdings, said that with US jobless claims rising significantly, to a 17-month high, and the US presidential election approaching, investors are likely to turn to safer assets due to uncertainty surrounding the political landscape and future policies. , further boosts the appeal of gold.

Additionally, rising geopolitical risks and rising tensions in the Middle East and the Korean Peninsula suggest a bullish outlook for the safe-haven metal. Mehta added that the market will be watching the US core producer price index data.