Gold price rose by Rs 200 to Rs 99400 per 10 grams
Gold Silver Price: Gold rose by Rs 200 to Rs 99,400 per 10 grams in Delhi on Thursday. This increase in gold prices was seen due to fresh purchases by stockists and jewelers and weakening of the dollar. Let us know the complete situation of the bullion market.
Gold went up by Rs 200 to Rs 99,400 for every 10 grams on Thursday in Delhi. This price hike in gold was witnessed because stockists and jewelers made fresh purchases, and because of a weakening dollar. This was confirmed by the All India Sarafa Association.
On Wednesday, 99.9 percent purity gold fell from its historical high of Rs 1 lakh. Its price dropped by Rs 2,400 to Rs 99,200 for 10 grams. 99.5 percent purity gold increased by Rs 200 to Rs 98,900 for 10 grams. In the last session, this gold closed at Rs 98,700 for 10 grams.
US Treasury Secretary Scott Bessant stated on Wednesday that there is every likelihood that a trade stalemate involving America and China will take a long time to resolve.
On the other hand, President Donald Trump indicated that China may get a new tariff rate in the next "two to three weeks". Negotiations are going on between the two countries on tariffs. Whatever comes out of the talks between the two countries is expected to have an impact on gold prices. Meanwhile, the price of silver rose by Rs 700 to Rs 99,900 per kg on Thursday. In the previous close, silver closed at Rs 99,200 per kg.
In futures trade, gold contracts for June delivery on the Multi Commodity Exchange rose by Rs 1,046, or 1.1 per cent, to Rs 95,768 per 10 grams.
Gold held firm above $3,300 on Comex and rose by over Rs 1,000 to Rs 95,700 on MCX. The rise in prices comes after a sharp change in the Trump administration's stance. This change in the Trump administration's stance is an indication that tariffs may still remain the central issue of negotiations before any concrete trade talks begin with China.
"Risk sentiment continues to rise due to delays in diplomatic progress and uncertainty about China's official response," said research analyst Jatin Trivedi, vice president, commodity and currency, LKP Securities.
Trivedi said that in particular, China has not yet issued any strong or clear stand on trade discussions, which has further increased the geopolitical fog. Globally, spot gold rose by $47.16 or 1.43 per cent to $3,335.50 an ounce.
"This has resulted in uncertainty over the US economic outlook, which has increased the demand for gold as a safe-haven asset," said Chintan Mehta, chief executive officer, Abans Financial Services.
According to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, upcoming US macroeconomic data, including unemployment claims and durable goods orders, could influence the direction of bullion prices later in the day. Spot silver fell 0.48 per cent to $33.42 an ounce in Asian trading hours.
