Gold Prices Rebound To Rs 80,000 In Delhi, Driven By Strong Buying Interest
Gold of 99.9% purity rose by Rs 300 to Rs 80,000 per 10 grams in Delhi, marking a near one-month high, as demand from jewellers surged.
Gold prices reclaimed the Rs 80,000 mark in the national capital on Wednesday, driven by increased buying from jewellers and stockists, according to the All India Sarafa Association.
The price of 99.9% purity gold rose by Rs 300, reaching Rs 80,000 per 10 grams, marking a near one-month high. It had closed at Rs 79,700 per 10 grams in the previous session on Tuesday.
Gold of 99.5% purity also saw a Rs 300 increase, settling at Rs 79,600 per 10 grams on Wednesday, up from Rs 79,300 per 10 grams the day before.
Silver prices extended their gains for the third consecutive day, rising by Rs 500 to touch a near one-month high of Rs 92,500 per kg. The white metal had closed at Rs 92,000 per kg on Tuesday.
Traders attributed the surge in prices to heightened demand from jewellers and retailers in local markets.
On the MCX, gold contracts for February delivery appreciated Rs 43 to Rs 77,574 per 10 grams.
Silver contracts for March delivery increased Rs 224, or 0.25%, to Rs 91,097 per kg in futures trade on the Multi Commodity Exchange on Wednesday.
Meanwhile, Comex gold futures slipped 0.09% to $2,663.10 per ounce in the international markets.
"Gold rose on Wednesday as sentiment was boosted by strong Chinese demand. China, the leading gold consumer in the world, raised its reserves in December for a second straight month based on official figures published on Tuesday," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India's addition was eight tonnes, the World Gold Council said in a report on Monday.
China's purchasing gold for the second straight month is considered bullish for the precious metal (despite higher prices). Traders believe China will keep adding gold to diversify their reserves after Trump's return to the White House, Gandhi said.
Comex silver futures quoted higher in the Asian market hours at $30.71 per ounce.
"The US non-farm payrolls report is due to be released on Friday. Softness in US statistics this week could open the door for gains if investors grow more enthusiastic about the Federal Reserve's delivery of interest rate decreases by 2025," Renisha Chainani, Head of Research at Augmont, said.
Meanwhile, the commerce ministry has revised downwards the gold import numbers by $5 billion to $9.84 billion for November, according to the Directorate General of Commercial Intelligence and Statistics.
The DGCIS is an arm of the Ministry of Commerce.
As per the ministry data released last month, the country's gold imports in November reached a record high of $14.86 billion, registering a four-fold increase.
(With Input From PTI.)
