Continuing their upward trend, prices of gold increased for the third straight day on Tuesday when 24 karat gold rate surged Rs 2,400 to Rs 99,750 per 10 grams in the national capital amidst persistent buying by jewellers and stocks, said All India Sarafa Association.
Gold of 99.5 per cent purity had jumped to Rs. 99,300 per 10 grams after closing at Rs. 96,900 per 10 grams the previous day. On Monday, the precious metal of 99.9 per cent purity had ended at Rs. 97,350 per 10 grams.
“Gold prices edged higher as safe-haven demand returned following President Donald Trump’s announcement of fresh tariff plans,” said Chintan Mehta, chief executive officer at Abans Financial Services, adding that the proposed measures include duties on pharmaceutical imports and a steep 100 per cent tariff on movies produced outside the United States – a move that stoked concerns over renewed trade tensions and their potential impact on global growth.
Meanwhile, silver prices also climbed Rs 1,800 to Rs 98,500 per kg. Meanwhile, the most traded June contract for gold futures rallied Rs 1,951, or 2.06 per cent, to Rs 96,600 per 10 grams on the Multi Commodity Exchange. Globally, spot gold sprinted higher by USD 45.65, or 1.37 per cent, to USD 3,379.77 per ounce.
According to experts, market participants will focus on Wednesday’s outcome of the US Federal Reserve’s FOMC (Federal Open Market Committee) policy meeting and Fed Chair Jerome Powell’s commentary on growth and inflation.
Gold reclaimed the USD 3,350-level on Tuesday as safe haven flows lent support for precious metals for the second consecutive day amid geopolitical worries stemming from the prolonged Russia-Ukraine war, ongoing conflicts in the Middle East, and fresh tensions between India and Pakistan, which lifted the safe-haven precious metal.
Spot silver in the overseas markets increased 1.64 per cent to USD 33 per ounce.
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