The Kashmir Dialogues
NEW DELHI: Gold prices saw a significant increase of ₹120, reaching ₹72,550 per 10 grams in the national capital on Thursday, following strong global trends, as reported by HDFC Securities. The precious metal had concluded the previous session at ₹72,430 per 10 grams.
Similarly, silver prices experienced a substantial rise of ₹900, closing at ₹92,300 per kg compared to ₹91,400 per kg on Wednesday.
“In Delhi markets, spot gold prices (24 carats) are trading at ₹72,550 per 10 grams, up by ₹120 from the previous close,” stated Saumil Gandhi, Research Analyst at HDFC Securities.
Internationally, spot gold on the Comex was trading at USD 2,332 per ounce, an increase of USD 5 from the previous close. “Gold prices remained positive as US participants returned from the Juneteenth holiday with a buying sentiment driven by weak retail sales data and lower inflation figures,” explained Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
“Expectations for a rate cut in September are growing, but if any US Fed members hint at a delay beyond September, profit booking in gold is likely,” Trivedi added. He also noted that current support levels are reinforced by economic data, while signals of prolonged higher rates could trigger selling pressure.
Additionally, silver was trading higher at USD 30.15 per ounce, up from USD 29.40 per ounce in the previous session.
“Gold prices are trading in positive territory as traders and investors turn net buyers following a recent World Gold Council survey showing that most central banks would continue to diversify their reserves with gold, even at current high prices,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd. “The bullion was also supported by a rise in safe-haven demand due to tensions in the Middle East and political uncertainty in France,” he added.
Sheikh Mudasir
