Gold extends gain for 2nd straight day, climbs Rs 500 per 10 g; silver trades flat
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had ended Rs 1,200 higher at Rs 98,670 per 10 grams on Tuesday.
New Delhi, Jul 2 (PTI) Gold prices jumped Rs 500 to Rs 99,170 per 10 grams in the national capital on Wednesday, tracking heavy global buying amid renewed concerns over US tariffs.
Gold of 99.5 per cent purity climbed Rs 450 to Rs 98,600 per 10 grams (inclusive of all taxes). It had settled at Rs 98,150 per 10 grams on the previous trade.
'Gold began the July-September quarter on a bullish footing, with the recent retreat from June highs driven solely by fading geopolitical risk premium following the Iran-Israel ceasefire.
'Central banks bought over 50 tonnes of gold in June, led by China and Turkey, while gold ETFs saw renewed inflows, especially in Europe amid trade tensions,' Abhilash Koikara, Head FX & Commodity at Nuvama Professional Clients Group, said.
However, silver prices remained flat at Rs 1,04,800 per kilogram (inclusive of all taxes) on Wednesday.
Gold was 'buoyed by safe haven demand amid concerns surrounding the fiscal implications of US President Donald Trump's sweeping tax and spending cut bill, which has further supported gold prices,' Saumil Gandhi, senior analyst – commodities at HDFC Securities, said.
Spot gold in the global markets went up marginally to USD 3,342.44 per ounce.
'Gold is holding steady near the USD 3,350 level amid renewed trade tensions as President Trump said he is not considering an extension and will not delay the July 9 deadline for the reciprocal tariff rates on trading partners,' Kaynat Chainwala, AVP -commodity research at Kotak Securities, said.
According to Abans Financial Services' Chief Executive Officer Chintan Mehta, investors will be awaiting US labour data, with the ADP employment report due later in the day and the non-farm payrolls and unemployment rate on Thursday.
These data release will offer cues on the US Federal Reserve's next move. Crude oil inventory data, due later in the day, will also be monitored by market participants for signs of inflation, Mehta said. PTI HG HG HVA SHW
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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