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Geopolitical Concerns Fuel Gold Rally, Analysts See Volatility Ahead
Gold Silver Price Today: Gold jumped ₹850 to ₹1,59,500 per 10 grams in the Delhi bullion market, while silver remained stable at ₹2.64 lakh per kg. Why did gold and silver suddenly rise? Understand from the experts.
In the wake of strong global cues, gold prices rose by as much as ₹850 and reached ₹1,59,500 (gold price today) per 10 grams in the Delhi bullion market on Friday. Silver prices remained unchanged at ₹2.64 lakh per kg.
Gold of 99.9% purity closed at ₹1,58,650 (gold rate today) per 10 grams (including all taxes) on Thursday. It made a direct jump of ₹850 (gold price hike) on Friday.
However, silver prices have remained unchanged at ₹264,000 per kilogram (silver price today).
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The international market also registered a bullish trend. The price of spot gold increased by 1.25%, or $62, to $5,060 per ounce. Silver increased by 2.55%, trading at $80.50 per ounce.
According to Kaynat Chenwala, Assistant Vice President, Commodity Research, Kotak Securities, fears of US-Iran tensions have increased demand for safe havens. Gold rose above $5,020 per ounce, while silver reached close to $81.
Gaurav Garg, Research Analyst, Lemon Markets Desk, says that after a sharp decline earlier in the month, buyers are now buying at lower levels. Geopolitical tensions and expectations regarding US interest rates are also determining market direction.
Investors are now awaiting key data such as PCE inflation, fourth-quarter GDP and flash PMI, which will determine the future course of action.
