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Economic Times
10 minutes ago
- Business
- Economic Times
Gold climbs Rs 800 to scale new record of Rs 1,03,420 per 10 gram
Gold prices climbed by Rs 800 to hit a fresh all-time high of Rs 1,03,420 per 10 grams in the national capital on Friday due to persistent buying by stockists, according to the All India Sarafa Association. ADVERTISEMENT The precious metal of 99.9 per cent purity added Rs 3,600 in the preceding session to hit a new closing peak of Rs 1,02,620 per 10 grams. In the national capital, gold of 99.5 per cent purity also jumped by Rs 800 to hit a fresh peak of Rs 1,03,000 per 10 grams (inclusive of all taxes) on Friday, surpassing its earlier lifetime high of Rs 1,02,200 per 10 grams recorded after Thursday's session. In the last five sessions, the yellow metal prices have risen by Rs 5,800 per 10 grams. "Gold prices rise after US imposed a 39 per cent tariff on 1 kg and 100-ounce of gold bars imported from Switzerland, disrupting a key supply route and injecting fresh volatility into the bullion market. "The reclassification of these bars under a taxable category ended their long-standing exemption, as Switzerland is a major refining hub and the move has created supply-side uncertainty and revived safe-haven interest in gold amid broader geopolitical tensions," Abans Financial Services' CEO Chintan Mehta said. ADVERTISEMENT Silver prices also rallied Rs 1,000 to Rs 1,15,000 per kilogram (inclusive of all taxes) on Friday. It had settled at Rs 1,14,000 per kg on Thursday, as per the association. The white metal has added Rs 5,500 per kilogram in the last five sessions. ADVERTISEMENT According to Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, gold's rally is fuelled by worries about the global economic outlook, particularly following the implementation of President Donald Trump's new tariffs on Thursday. Additionally, weak US macroeconomic data has increased expectations that the Federal Reserve will lower interest rates as early as September, Gandhi said. ADVERTISEMENT On the MCX, the most traded gold futures for October contracts appreciated Rs 782 or 0.77 per cent to hit a fresh peak of Rs 1,02,250 per 10 grams. Subsequently, the December contracts rallied Rs 849 or 0.83 per cent to hit a lifetime high of Rs 1,03,195 per 10 grams on the bourse. ADVERTISEMENT "Going ahead, gold prices are expected to remain choppy as Trump's tariff stance continues to create uncertainty, especially with the India deal appearing off the table for now. Any positive movement in the rupee could limit gold's upside," Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said. Silver futures for September contracts rose Rs 554 or 0.48 per cent to Rs 1,14,840 per kilogram on the Multi Commodity Exchange (MCX). Spot gold is trading flat at USD 3,388.56 per ounce. During the day, the precious metal increased by USD 104.02 or 3.06 per cent to hit a record high of USD 3,500.33 per ounce in New York. "Gold reached a fresh high above USD 3,500, with the Bank of England lowering interest rates for the sixth time this year and jobless claims increasing more than anticipated this week," Renisha Chainani, Head Research at Augmont, said. Meanwhile, spot silver went up marginally to USD 38.28 per ounce in the international markets.
News18
2 hours ago
- Business
- News18
Gold climbs Rs 800 to scale new record of Rs 1,03,420/10 g
Agency: New Delhi, Aug 8 (PTI) Gold prices climbed by Rs 800 to hit a fresh all-time high of Rs 1,03,420 per 10 grams in the national capital on Friday due to persistent buying by stockists, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity added Rs 3,600 in the preceding session to hit a new closing peak of Rs 1,02,620 per 10 grams. In the national capital, gold of 99.5 per cent purity also jumped by Rs 800 to hit a fresh peak of Rs 1,03,000 per 10 grams (inclusive of all taxes) on Friday, surpassing its earlier lifetime high of Rs 1,02,200 per 10 grams recorded after Thursday's session. In the last five sessions, the yellow metal prices have risen by Rs 5,800 per 10 grams. 'Gold prices rise after US imposed a 39 per cent tariff on 1 kg and 100-ounce of gold bars imported from Switzerland, disrupting a key supply route and injecting fresh volatility into the bullion market. 'The reclassification of these bars under a taxable category ended their long-standing exemption, as Switzerland is a major refining hub and the move has created supply-side uncertainty and revived safe-haven interest in gold amid broader geopolitical tensions," Abans Financial Services' CEO Chintan Mehta said. Silver prices also rallied Rs 1,000 to Rs 1,15,000 per kilogram (inclusive of all taxes) on Friday. It had settled at Rs 1,14,000 per kg on Thursday, as per the association. The white metal has added Rs 5,500 per kilogram in the last five sessions. Additionally, weak US macroeconomic data has increased expectations that the Federal Reserve will lower interest rates as early as September, Gandhi said. On the MCX, the most traded gold futures for October contracts appreciated Rs 782 or 0.77 per cent to hit a fresh peak of Rs 1,02,250 per 10 grams. Subsequently, the December contracts rallied Rs 849 or 0.83 per cent to hit a lifetime high of Rs 1,03,195 per 10 grams on the bourse. 'Going ahead, gold prices are expected to remain choppy as Trump's tariff stance continues to create uncertainty, especially with the India deal appearing off the table for now. Any positive movement in the rupee could limit gold's upside," Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said. Silver futures for September contracts rose Rs 554 or 0.48 per cent to Rs 1,14,840 per kilogram on the Multi Commodity Exchange (MCX). Spot gold is trading flat at USD 3,388.56 per ounce. During the day, the precious metal increased by USD 104.02 or 3.06 per cent to hit a record high of USD 3,500.33 per ounce in New York. 'Gold reached a fresh high above USD 3,500, with the Bank of England lowering interest rates for the sixth time this year and jobless claims increasing more than anticipated this week," Renisha Chainani, Head Research at Augmont, said. Meanwhile, spot silver went up marginally to USD 38.28 per ounce in the international markets. PTI HG HVA view comments First Published: August 08, 2025, 18:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Print
29-07-2025
- Business
- The Print
Gold falls Rs 200 to Rs 97,820/10 g; silver trades flat at Rs 1.13 lakh/kg
In the local markets, gold of 99.5 per cent purity extended losses for the fifth straight day, falling Rs 200 to Rs 97,550 per 10 grams (inclusive of all taxes) on Tuesday. It had ended at Rs 97,750 per 10 grams in the previous market session. The precious metal of 99.9 per cent purity had finished at Rs 98,020 per 10 grams on Monday. New Delhi, Jul 29 (PTI) Gold prices fell Rs 200 to Rs 97,820 per 10 grams in the national capital on Tuesday due to persistent selling by stockists, according to the All India Sarafa Association. 'Gold prices eased following confirmation of a trade deal between the US and EU. Further, expectations that the US Federal Reserve will hold interest rates steady in this week's FOMC meeting have further supported the dollar,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. However, silver prices remained flat at Rs 1,13,000 per kilogram (inclusive of all taxes) on Tuesday, as per the Sarafa Association. Meanwhile, spot gold rose USD 9.48, or 0.29 per cent, to USD 3,324.11 per ounce in the international markets. 'Gold is trading near USD 3,315-level as markets await key US macroeconomic data, including JOLTS job openings and CB Consumer Confidence later in the day, while US trade talks continue with Canada and South Korea,' Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said. However, spot silver went marginally lower at USD 38.14 per ounce in global markets. 'Investors will also be awaiting key US macroeconomic data — ADP non-farm employment change, non-farm payrolls, unemployment rate, and GDP — lined up this week alongside the Fed's rate decision,' Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities, said. PTI HG TRB TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
News18
29-07-2025
- Business
- News18
Gold falls Rs 200 to Rs 97,820/10 g; silver trades flat at Rs 1.13 lakh/kg
New Delhi, Jul 29 (PTI) Gold prices fell Rs 200 to Rs 97,820 per 10 grams in the national capital on Tuesday due to persistent selling by stockists, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had finished at Rs 98,020 per 10 grams on Monday. In the local markets, gold of 99.5 per cent purity extended losses for the fifth straight day, falling Rs 200 to Rs 97,550 per 10 grams (inclusive of all taxes) on Tuesday. It had ended at Rs 97,750 per 10 grams in the previous market session. 'Gold prices eased following confirmation of a trade deal between the US and EU. Further, expectations that the US Federal Reserve will hold interest rates steady in this week's FOMC meeting have further supported the dollar," Abans Financial Services' Chief Executive Officer Chintan Mehta said. However, silver prices remained flat at Rs 1,13,000 per kilogram (inclusive of all taxes) on Tuesday, as per the Sarafa Association. Meanwhile, spot gold rose USD 9.48, or 0.29 per cent, to USD 3,324.11 per ounce in the international markets. 'Gold is trading near USD 3,315-level as markets await key US macroeconomic data, including JOLTS job openings and CB Consumer Confidence later in the day, while US trade talks continue with Canada and South Korea," Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said. However, spot silver went marginally lower at USD 38.14 per ounce in global markets. 'Investors will also be awaiting key US macroeconomic data — ADP non-farm employment change, non-farm payrolls, unemployment rate, and GDP — lined up this week alongside the Fed's rate decision," Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities, said. PTI HG TRB TRB view comments First Published: July 29, 2025, 17:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Print
28-07-2025
- Business
- The Print
Gold declines Rs 500 to Rs 98,020/10 g; silver plunges Rs 1,000
In the national capital, gold of 99.5 per cent purity extended its losing run for the fourth straight day, by declining Rs 500 to Rs 97,750 per 10 grams (inclusive of all taxes) on Monday. It had finished at Rs 98,250 per 10 grams in the previous market session. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity ended at Rs 98,520 per 10 grams, down by Rs 600 on Saturday. New Delhi, Jul 28 (PTI) Gold prices slid for the fourth consecutive session and ended Rs 500 lower at Rs 98,020 per 10 grams in the national capital on Monday due to unabated selling by stockists following a trade deal between the US and the EU, which dampened the safe-haven demand. In addition, silver prices depreciated Rs 1,000 to Rs 1,13,000 per kilogram (inclusive of all taxes) on Monday. The white metal had closed at Rs 1,14,000 per kg on Saturday. Meanwhile, spot gold and silver traded flat at USD 3,337.95 and USD 38.17 per ounce, respectively, in the global markets. 'Gold traded in a positive but flat range near USD 3,335 per ounce, as strength in the dollar index limited gains last week,' Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said. The US has announced a trade deal with the European Union (EU), which includes a 15 per cent tariff on most European goods entering the American market alongside the 27-nation block's commitment to invest hundreds of billions of dollars in American industry. This agreement mirrors last week's US-Japan trade pact. 'Investors will closely track upcoming US macroeconomic data, including jobless claims and Q2 GDP figures during the week,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. According to Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, the price of gold remains stagnant, as bulls remain cautious amid trade optimism and a stronger US dollar. Gandhi further said that bullion prices declined last week due to a drop in demand for safe haven assets amid an easing in tariff concerns. Additionally, President Donald Trump alleviated market worries about the US Federal Reserve's independence by downplaying tensions with Fed Chair Jerome Powell. 'Both factors contributed to the rise in the US dollar, which has risen for the third consecutive day and is negatively impacting precious metal prices,' he added. PTI HG HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
