Gold prices rose by ₹200 to reach ₹99,020 per 10 grams in New Delhi on Wednesday as stockists continued their buying-spree, stated the All India Sarafa Association.
The precious metal of 99.9 per cent purity was at ₹98,820 per 10 grams in the previous market session.
Meanwhile, gold of 99.5 per cent purity increased ₹100 to end at ₹98,600 per 10 grams (inclusive of all taxes) on Wednesday. It had closed at ₹98,500 per 10 grams on Tuesday.
Also Read: Gold down ₹200; at ₹97,820 per 10 gm
Analysts attributed the price-rise to the metal’s safe-haven demand as US President Donald Trump’s tariff threats added a “risk premium” on precious metals.
"Gold traded with a moderate positive bias on Wednesday as safe-haven demand continued to push precious metals higher," said Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.
On Tuesday, Trump issued fresh tariff threats on pharmaceutical imports, saying the tariffs would start off small but could rise up to 250 per cent over time.
He also indicated that an announcement regarding tariffs on semiconductors and chips would be made soon.
As per the Sarafa Association, silver prices climbed ₹500 to ₹1,12,500 per kilogram (inclusive of all taxes) on Wednesday. The white metal had ended at ₹1,12,000 per kg in the previous market close.
Spot gold slipped USD 17.51 or 0.52 per cent to USD 3,363.35 per ounce in New York, and spot silver fell 0.12 per cent to USD 37.76 per ounce.
"Gold prices were weak as the precious metal prices in the international markets saw weak cues below USD 3,360 per ounce with dollar index showed positive rally in last few days," stated Jateen Trivedi, VP Research Analyst, Commodity and Currency, at LKP Securities.
"Meanwhile, investors are closely monitoring US trade negotiations with other countries, as any new tariffs could further weigh on the economy, driving inflation higher, and in turn, support gold prices," opined Chintan Mehta, CEO, Abans Financial Services.
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