Gold climbs Rs 400 to Rs 98,020/10 g; silver rises Rs 500
New Delhi, Aug 4 (PTI) Gold prices climbed Rs 400 to Rs 98,020 per 10 grams in the national capital on Monday due to fresh buying by stockists, according to the All India Sarafa Association.
On Friday, the precious metal of 99.9 per cent purity had closed at Rs 97,620 per 10 grams.
In the national capital, gold of 99.5 per cent purity appreciated by Rs 300 to Rs 97,800 per 10 grams (inclusive of all taxes) on Monday. The yellow metal had settled at Rs 97,500 per 10 grams in the previous market close.
In addition, silver prices increased Rs 500 to Rs 1,10,000 per kilogram (inclusive of all taxes) on Monday. The white metal had finished at Rs 1,09,500 per kg on Friday.
'Gold prices traded very strong, driven by a weak rupee and disappointing US macroeconomic data on Friday. The data supported gold prices in the international market, which climbed to USD 3,355 per ounce.
'Tariff-related concerns and rupee depreciation added to the upside momentum. In the week ahead, investors will shift their focus to the upcoming RBI monetary policy meeting and US manufacturing data to provide further guidance on the trajectory of bullion prices in the near-term," Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities.
Meanwhile, spot gold was trading flat at USD 3,363.83 per ounce in New York.
'Spot gold is trading at USD 3,355 per ounce as risk assets are bid on rate cut hopes; however, sharp decline in the Indian rupee on tariff concerns supports the domestic gold prices," Praveen Singh, Associate Vice President, fundamental currencies and commodities, at Mirae Asset Share Khan, said.
However, spot silver rose 0.43 per cent to USD 37.20 per ounce in the overseas markets. PTI HG TRB
(This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments
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