Gold Price Rises ₹2,600 To ₹1.59 Lakh Per 10 Grams In Delhi, Marks Seventh Straight Gain
· Free Press Journal
New Delhi, Aug 12: Gold prices rose for the seventh consecutive session, surging Rs 2,600 to Rs 1.59 lakh per 10 grams in the national capital on Wednesday, tracking firm global trends and strong bullion demand.
The yellow metal of 99.9 per cent purity appreciated by Rs 2,600 to Rs 1,59,800 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,57,200 per 10 grams, according to the All India Sarafa Association.
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It had gained Rs 12,400, or 8.4 per cent, over the past seven sessions from Rs 1,47,400 per 10 grams on August 3.
Silver prices also rise
Silver also advanced Rs 4,000 to Rs 2,46,000 per kilogram (inclusive of all taxes). The white metal had settled at Rs 2,42,000 per kg in the preceding session.
Gold Hits Two-Month High Of ₹1.57 Lakh Per 10 Grams As Bullion Rally Defies Oil Price SurgeGlobal factors drive demand
Gold rose in the domestic markets as investors increased safe-haven buying ahead of the US inflation data, while persistent geopolitical tensions in West Asia supported demand for precious metals, Gaurav Garg, Head of Research at Lemonn Markets Desk.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities said, a pullback in US Treasury bond yields and a steady dollar also provided support for precious metals.
However, gains remained limited as investors stayed on the sidelines ahead of US inflation numbers, he added.
"Market participants will closely assess the data for signs of persistent price pressures, particularly given elevated gasoline prices that could keep inflation concerns in focus and encourage Fed officials to maintain a cautious stance," Gandhi said.
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Gold gains globally
In the global markets, spot gold gained USD 44.48, or 1.02 per cent, to USD 4,412.63 per ounce, while silver was trading 2.37 per cent higher at USD 66.23 per ounce.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)