Gold prices rose by Rs 550 to Rs 99,300 per 10 grams in the national capital on Monday on persistent buying by jewellers and retailers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs 98,750 per 10 grams on Friday. Since Wednesday last week, gold prices have risen by Rs 2,760 per 10 grams.
Gold of 99.5 per cent purity appreciated by Rs 500 to Rs 98,800 per 10 grams (inclusive of all taxes) on Monday. Also, silver prices rallied by Rs 1,170 to Rs 1,00,370 per kg (inclusive of all taxes). They had settled at Rs 99,200 per kg in the previous market session.
Meanwhile, spot gold in the overseas markets dipped US $24.83 per ounce or 0.74 per cent to US $3,332.59 per ounce.
“In the international markets, gold prices slipped as safe-haven demand weakened after President Donald Trump postponed the imposition of a 50 per cent tariff on EU goods, shifting the deadline to July 9,” Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd, said.
According to HDFC Securities’ Senior Analyst of Commodities Saumil Gandhi, investors will be awaiting the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting minutes, which are due on Wednesday, for further cues about the potential interest rate-cut trajectory.
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