Gold prices climbed Rs 1,000 to regain the Rs 1 lakh per 10 grams level in the national capital on Tuesday due to strong buying by stockists, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity soared four-week high of Rs 1,00,020 per 10 grams from the previous close of Rs 99,020 per 10 grams. Previously, gold traded at Rs 1 lakh per 10 grams level on June 19.
In the national capital, gold of 99.5 per cent purity appreciated by Rs 1,000 to Rs 99,550 per 10 grams (inclusive of all taxes) on Tuesday. It had closed at Rs 98,550 per 10 grams in the previous market close.
In line with gold, silver prices too rallied by Rs 3,000 to Rs 1,14,000 per kilogram (inclusive of all taxes) on Tuesday. The white metal had ended at Rs 1,11,000 per kg on Monday.
Meanwhile, spot gold slipped 0.28 per cent to trade at USD 3,387.42 per ounce in the global markets.
“Gold traded in a narrow and volatile range between USD 3,395 and USD 3,383 on Comex, reflecting a lack of fresh triggers from trade deals or major global developments,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.
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In the international markets, spot silver also declined by 0.11 per cent to USD 38.89 per ounce.
“Investors will closely monitor the US Federal Reserve Chair Jerome Powell and Governor Michelle Bowman’s speech later in the day for guidance on the central bank’s monetary policy stance,” Abans Financial Services‘ Chief Executive Officer Chintan Mehta said.
According to Riya Singh, Research Analyst – Commodities and Currency at Emkay Global Financial Services, traders will track China’s loan prime rate decision, and key US macroeconomic data releases, including PMI and durable goods orders, which could shift interest rate expectations and determine the next directional impulse for gold globally.
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