Gold Rs. 600 to Rs. 74,100 per 10 grams; Silver rose by Rs.700

Gold prices in the national capital on Tuesday rose to Rs. 600 increased to Rs. 74,100 per 10 grams was reached. In the previous session on Monday, the precious metal of 99.9 per cent purity traded at Rs. 73,500 per 10 gm.

According to the All India Bullion Association, silver prices also traded at the previous close of Rs. 83,800 per kg to Rs. 700 increased to Rs. 84,500 per kg.

Additionally, gold of 99.5 percent purity at Rs. 400 rose to Rs. 73,750 per 10 grams. In the previous session it was Rs. 73,350 per 10 grams was fixed.

Traders said gold prices rose on the back of increased domestic demand. However, weak trends abroad limited the gains.

Comex gold is trading lower at USD 2,532.10 per ounce in overseas markets.

“Gold prices remained above the USD 2,500-mark by the start of the European session on Tuesday as traders were reluctant to place directional bets ahead of US inflation reports due to be released in the coming days,” Manish Sharma, Commodities and AVP. Currencies at Anand Rathi Shares and Stockbrokers, said.

The US Consumer Price Index is scheduled to be released on Wednesday, while the Producer Price Index data will be released on Thursday.

According to commodity market experts, the data will influence market expectations about the size of the Fed’s interest rate cut later this month and give new direction to the non-yielding yellow metal.

However, globally, silver is trading marginally higher at $28.70 an ounce.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said, “A strong US jobs report bolstered the Fed’s case for easing, though uncertainty over the scale of interest rate cuts boosted gold.”

Additionally, traders will also be closely watching speeches by FOMC members Michael S. Barr and Michelle W. Bowman.