Gold Surges By Rs 820 To Rs 98,490, Silver Prices Holds Over Rs 1,06,000
Gold edged higher, supported by safe-haven demand as traders expressed concerns about tariff-related uncertainty.
Gold prices jumped Rs 820 to Rs 98,490 in Delhi on Wednesday due to fresh buying by retailers and stockists in line with firm global trends, according to the All India Sarafa Association.
The yellow metal appreciated by Rs 750 to Rs 98,000 per 10 grams while, silver prices traded flat at Rs 1,07,100 per kilogram. Spot gold in the international markets rose by $12.09 per ounce or 0.36% to $3,334.69 per ounce.
Gold edged higher supported by safe-haven demand as traders expressed concerns about tariff-related uncertainty. "This renewed uncertainty followed a federal appeals court ruling that allowed US President Donald Trump to continue imposing global tariffs," HDFC Securities' Senior Analyst, Commodities, Saumil Gandhi said.
Gandhi also highlighted that these concerns overshadowed some of the optimism stemming from the positive trade talks between the US and China. During their two-day discussions in London, both parties agreed on a plan to ease trade tensions.
According to commodities market experts, geopolitical tensions stemming from the Russia-Ukraine war and intensifying conflict in the Middle East are driving the demand for gold as a safe-haven asset.
However, spot silver fell 0.5% to trade at $36.34 per ounce in the global markets. Kotak Securities' AVP-Commodity Research Kaynat Chainwala said the focus of market participants will shift to the upcoming US Consumer Price Index data, which will be released later in the day, giving more insights into the monetary policy outlook.
(With PTI inputs)
