Gold prices jumped Rs 850 to Rs 99,340 per 10 grams in the national capital on Thursday amid a rise in precious metal prices in the overseas markets, according to the All India Sarafa Association.
The yellow metal of 99.5 per cent purity climbed Rs 800 to Rs 98,800 per 10 grams (inclusive of all taxes).
However, silver prices went lower by Rs 100 to Rs 1,07,000 per kilogram (inclusive of all taxes) on Thursday.
The most traded gold contracts for August delivery bounced by Rs 1,585 to trade at Rs 98,289 per 10 grams. Subsequently, the contracts for October delivery rallied Rs 1,520 to Rs 99,214 per 10 grams on the Multi Commodity Exchange (MCX).
"Gold prices surged higher on Thursday as escalating US-Iran tensions reignited safe-haven demand and weaker-than-expected US inflation data bolstered bets of interest rate cuts from the Federal Reserve," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.
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Meanwhile, spot gold increased by USD 15.74 per ounce or 0.47 per cent to USD 3,370.87 per ounce in the international markets.
"Gold is trading higher on renewed safe-haven demand spurred by US President Donald Trump's announcement that unilateral tariffs will be imposed within two weeks," Kaynat Chainwala, Kotak Securities' AVP-Commodity Research, said.
Globally, spot silver fell 0.54 per cent to trade at USD 36.05 per ounce.
According to HDFC Securities' Senior Analyst - Commodities, Saumil Gandhi, market participants will be awaiting US economic reports, which will include the release of the Producer Price Index and Weekly Initial Jobless Claims later in the day.
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