New Delhi: Gold prices rose by Rs 600 to reach Rs 1,00,620 per 10 grams in the national capital on Thursday, driven by fresh buying from stockists, according to the All India Sarafa Association.
On Wednesday, 99.9% pure gold had closed at Rs 1,00,020 per 10 grams. In Delhi, gold of 99.5% purity gained Rs 500 to Rs 1,00,200 per 10 grams (inclusive of all taxes), up from Rs 99,700 in the previous session.
“Gold prices climbed Thursday due to safe-haven demand and bargain buying after falling to a three-week low in the previous session,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities. He added that renewed demand was triggered by President Donald Trump’s call for the resignation of a Federal Reserve governor, raising concerns over the central bank’s independence.
Following this development, the US Dollar pulled back from recent highs, providing further support to gold prices, Gandhi noted.
Meanwhile, silver witnessed a sharp rise of Rs 1,500, reaching Rs 1,14,000 per kilogram (inclusive of all taxes), up from Rs 1,12,500 per kg on Wednesday.
In international markets, spot gold in New York traded 0.28% lower at USD 3,339.04 per ounce. “Gold is holding steady near USD 3,340 per ounce as investors await key US macroeconomic data, including jobless claims, PMIs, and existing home sales,” said Kaynat Chainwala, AVP Commodity Research at Kotak Securities. She added that all eyes remain on Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium, as investors look for indications of a potential monetary policy shift, following last year’s remarks that signalled the start of a rate-cutting cycle.
Additionally, minutes from the US Federal Reserve’s July meeting showed that officials remain cautious about inflation and the labor market, with most considering it premature to cut interest rates. Spot silver declined 0.32% to USD 37.78 per ounce.
