Gold prices in the national capital saw a marginal increase of Rs 100 per 10 grams on Tuesday, reaching Rs 1,47,500. Meanwhile, silver prices remained stable, trading flat against a backdrop of mixed international market trends.
Information was available with The Chenab Times indicating that the price of gold, at 99.9 per cent purity, had previously closed at Rs 1,47,400 per 10 grams on Monday. The All India Sarafa Association reported that silver prices held firm at Rs 2,26,500 per kilogram, inclusive of all applicable taxes.
Market participants observed that gold experienced modest buying interest within the domestic market. Concurrently, silver traded within a narrow band, reflecting a cautious sentiment among traders and investors.
The uptick in gold prices on Tuesday was attributed to a cautious stance adopted by investors, influenced by ongoing diplomatic developments between the United States and Iran, as well as prevailing uncertainty surrounding the future policy outlook of the US Federal Reserve. Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, noted that the bullion market has been range-bound over the past two sessions. Traders are awaiting clearer signals regarding geopolitical risks and the potential direction of US interest rates.
In global markets, spot gold was trading lower, priced at USD 4,049.20 per ounce earlier in the day. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, commented that while spot gold saw an initial rise in early trade, it later relinquished its gains, trading around USD 4,050 per ounce. This fluctuation occurred as oil prices experienced a rebound.
Further influencing the commodity market, Brent crude futures saw an increase of nearly 1 per cent, trading at USD 84.36 per barrel in New York. In related maritime security news, a cargo vessel was reportedly hit by an unknown projectile off the coast of Oman, according to the United Kingdom Maritime Trade Operations.
In the silver market, spot silver in international trade saw an increase of nearly 1 per cent, trading at USD 58.66 per ounce. Kaynat Chainwala, AVP Commodity Research at Kotak Securities, explained that spot silver’s rise was bolstered by stronger-than-anticipated US manufacturing data. This positive economic indicator reinforced optimism regarding industrial demand for the white metal.
Chainwala added that investors are keenly awaiting a series of US macroeconomic data releases. These upcoming figures are expected to provide further clarity on the Federal Reserve’s monetary policy direction. The analyst anticipates that gold and silver prices may continue to exhibit sharp two-way risks across multiple fronts, potentially maintaining a range-bound trend.
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The Chenab Times News Desk
