New Delhi: Gold prices surged by ₹2,200 to ₹1,25,600 per 10 grams in the national capital on Friday amid renewed buying by stockists and jewellers, according to the All India Sarafa Association.
The yellow metal of 99.9% purity had closed at ₹1,23,400 per 10 grams on Thursday. Similarly, gold of 99.5% purity also jumped ₹2,200 to ₹1,25,000 per 10 grams (inclusive of taxes) from the previous close of ₹1,22,800.
“Gold advanced on the last trading day of the week, supported by rupee depreciation,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
The rupee recovered from early losses to end flat at 88.69 against the US dollar, as weak domestic equities and a firm greenback offset gains from lower crude oil prices.
In contrast, silver prices fell by ₹2,000 to ₹1,53,000 per kilogram (inclusive of taxes), down from ₹1,55,000 in the previous session, as per the association.
Gandhi added that while the high-profile meeting between US President Donald Trump and Chinese President Xi Jinping ended on a positive note, lingering concerns over long-term competition between the two largest economies renewed gold’s appeal as a safe-haven asset.
Globally, spot gold dipped 0.52% to USD 4,003.49 per ounce, while silver was slightly higher at USD 48.97 per ounce.
