Gold jumps Rs 820 to Rs 98,490/10 g; silver remains flat
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Gold prices jumped Rs 820 to Rs 98,490 per 10 grams in the national capital on Wednesday due to fresh buying by retailers and stockists in line with firm global trends, according to the All India Sarafa Association.The precious metal of 99.5 per cent purity appreciated by Rs 750 to Rs 98,000 per 10 grams (inclusive of all taxes).However, silver prices traded flat at Rs 1,07,100 per kilogram (inclusive of all taxes) on Wednesday.Meanwhile, spot gold in the international markets rose by USD 12.09 per ounce or 0.36 per cent to USD 3,334.69 per ounce."Gold edged higher...supported by safe-haven demand as traders expressed concerns about tariff-related uncertainty."This renewed uncertainty followed a federal appeals court ruling that allowed US President Donald Trump to continue imposing global tariffs," HDFC Securities' Senior Analyst - Commodities Saumil Gandhi said.Gandhi also highlighted that these concerns overshadowed some of the optimism stemming from the positive trade talks between the US and China.During their two-day discussions in London, both parties agreed on a plan to ease trade tensions.According to commodities market experts, geopolitical tensions stemming from the Russia-Ukraine war and intensifying conflict in the Middle East are driving the demand for gold as a safe-haven asset.However, spot silver fell 0.5 per cent to trade at USD 36.34 per ounce in the global markets.Kotak Securities' AVP-Commodity Research Kaynat Chainwala said the focus of market participants will shift to the upcoming US Consumer Price Index data, which will be released later in the day, giving more insights into the monetary policy outlook.
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