New Delhi: Gold prices rose by Rs 250 to Rs 98,670 per 10 grams in the national capital Thursday due to renewed buying interest by investors and stockists, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had settled at Rs 98,420 per 10 grams Wednesday.
Gold of 99.5 per cent purity appreciated by Rs 200 to Rs 98,200 per 10 grams (inclusive of all taxes). The yellow metal had closed at Rs 98,000 per 10 grams in the previous market session.
Meanwhile, silver prices traded flat at Rs 1,04,000 per kilogram (inclusive of all taxes) Thursday.
“Gold traded higher Thursday, buoyed by renewed demand for safe-haven assets.
“Ongoing uncertainties surrounding US President Donald Trump’s trade policies and their potential impact on the global economy supported gold prices,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
In the international markets, spot gold went up marginally to $3,324.40 per ounce.
Wednesday, President Trump announced that the US would impose a 50 per cent tariff on Brazilian goods starting from August 1.
According to Abans Financial Services’ Chief Executive Officer Chintan Mehta, the latest US Federal Reserve’s FOMC (Federal Open Market Committee) meeting minutes showed that officials remain cautious and divided on the economic outlook, preferring to wait for more data before committing to interest rate cuts.
At the same time, higher-than-expected crude oil inventories have kept energy prices in check, easing inflation concerns. This combination of a patient Fed and cooling inflation supports the case for eventual interest rate cuts, which continues to favour gold by reducing the opportunity cost of holding non-yielding assets, Mehta said.
PTI
