Gold and Silver Prices Surge Amid Economic Uncertainty in India

Gold Prices Rise in National Capital

New Delhi: On Monday, gold prices in the national capital increased by Rs 400, reaching Rs 98,020 per 10 grams, as reported by the All India Sarafa Association, driven by renewed buying from stockists.

The previous closing price for the 99.9% pure gold was Rs 97,620 per 10 grams on Friday.

In the capital, gold with 99.5% purity saw a rise of Rs 300, now priced at Rs 97,800 per 10 grams (including all taxes), up from Rs 97,500 per 10 grams at the last market close.

Additionally, silver prices also saw an uptick, climbing Rs 500 to Rs 1,10,000 per kilogram (inclusive of all taxes) on Monday, compared to Rs 1,09,500 per kg on Friday.

According to Jateen Trivedi, VP Research Analyst at LKP Securities, "Gold prices are performing strongly, influenced by a weakening rupee and disappointing macroeconomic data from the US, which has bolstered international gold prices to $3,355 per ounce."

He added, "Concerns over tariffs and the depreciation of the rupee have contributed to the upward trend. Investors are now looking ahead to the upcoming RBI monetary policy meeting and US manufacturing data for further insights into bullion price movements in the near future."

Currently, spot gold is trading flat at $3,363.83 per ounce in New York.

Praveen Singh, Associate Vice President at Mirae Asset Share Khan, noted, "Spot gold is at $3,355 per ounce as risk assets are gaining traction on hopes of rate cuts; however, the significant drop in the Indian rupee due to tariff concerns is supporting domestic gold prices."

Meanwhile, spot silver has increased by 0.43% to $37.20 per ounce in international markets.