The price of gold showed a positive trend on Wednesday, in sync with global markets. According to the All India Sarafa Association, its prices rose by ₹260 to ₹99,260 per 10 grams in the national capital.
The yellow metal of 99.5 per cent purity, meanwhile, rose ₹100 to ₹98,700 per 10 grams (inclusive of all taxes).
“Gold showed a slight positive trend on Wednesday due to persistent uncertainties related to trade, along with economic concerns and geopolitical risks, continue to support the safe-haven appeal of the precious metal,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
Also, silver rallied by ₹1,900 to ₹1,02,100 per kg (inclusive of all taxes) on Wednesday. The metal had closed at ₹1,00,200 per kg in the previous market session.
On the global front, spot gold went up by USD 9.43 per ounce or 0.28 per cent to USD 3,362.6 per ounce.
In April, central banks added a net total of 12 tonnes of gold to global reserves.
However, the purchasing pace has slowed, 12 per cent lower than the previous month.
Even with the decline in purchases, Gandhi said, central banks are likely to continue adding gold to their reserves.
Gold prices on Wednesday increased ₹441 to ₹98,160 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.
On the Multi Commodity Exchange, gold contracts for August delivery traded higher by ₹441 or 0.45 per cent at ₹98,160 per 10 grams in a business turnover of 16,392 lots.
Fresh positions built up by participants led to a rise in gold prices, analysts said.
Globally, gold futures rose 0.20 per cent to USD 3,360.27 per ounce in New York.
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