According to the All India Sarafa Association, gold prices in the national capital, Delhi on Wednesday, increased by Rs 820 to Rs 98,490 per 10 grams due to new purchases by retailers and stockists corresponding to strong global trends.
The precious metal with 99.5 per cent purity has increased by Rs 750 to Rs 98,000 per 10 grams. However, on Wednesday, the price of silver reached Rs 1,07,100 per kg. The price of gold in the international market increased by $ 12.09 per ounce, or 0.36 percent to $ 3,334.69 an ounce.
There was a safe demand in the price of gold between the uncertainty related to tariffs and the concerns of the traders, there was an increase. Soumil Gandhi, senior analyst of HDFC Securities (commodities), said this uncertainty has come after a verdict allowing US President Donald Trump to impose global tariffs.
Gandhi also emphasized that these concerns have reduced the optimism created by the positive trade negotiations between the United States and China. During their two -day negotiations in London, both parties agreed on a plan to reduce trade tensions.
According to commodity market experts, the demand for gold as a safe investment due to the Russian-Ukraine war and the rising conflict in the Middle East is due to political tensions. However, silver in the global markets fell 0.5 percent to $ 36.34 per ounce.
Kotak Securities’s AVP-Commodity Research, Kayanat Chainwala, said that market participants will monitor the upcoming US Consumer Price Index data, which will be issued in the report later. This will find more information about the point of view of the monetary policy.
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