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Home Market Research Business

Gold rallies Rs 1,910 to Rs 98,450/10 g amid global uncertainty

by TheAdviserMagazine
5 months ago
in Business
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Gold rallies Rs 1,910 to Rs 98,450/10 g amid global uncertainty
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Gold prices rebounded by Rs 1,910 to Rs 98,450 per 10 grams in the national capital as rising global uncertainties triggered a fresh wave of safe-haven buying. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 96,540 per 10 grams on Tuesday.

Gold of 99.5 per cent purity appreciated by Rs 1,870 to Rs 98,000 per 10 grams (inclusive of all taxes) on Wednesday from the previous day’s close of Rs 96,130 per 10 grams.

“A weak dollar supported gold prices. Investors are also evaluating sovereign risk after Moody’s downgraded the US credit rating due to fiscal deficit concerns,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said.

The downgrade has heightened uncertainty around the long-term stability of US finances, prompting investors to seek safe-haven assets like gold, Mehta said.

In addition, silver prices climbed Rs 1,660 to Rs 99,160 per kg (inclusive of all taxes) on Wednesday. The white metal had finished at Rs 97,500 per kg in the previous market close.

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On the global front, spot gold rose USD 21.79 or 0.66 per cent to USD 3,311.76 per ounce. “Gold edged higher on Wednesday reclaiming the USD 3,300 level amid rising geopolitical tensions and US fiscal concerns,” Saumil Gandhi, Senior Research Analyst of Commodities at HDFC Securities, said. Meanwhile, investor jitters stemming from ongoing uncertainty regarding tariff policies and an upcoming crucial vote on President Donald Trump’s major tax reforms are leading to caution, with the US dollar weakening and gold rising, Gandhi added.

Kotak Securities’ AVP-Commodity Research Kaynat Chainwala said rising geopolitical tensions following reports of a potential Israeli strike on Iranian nuclear facilities supported gold prices.

Chainwala highlighted that speeches from US Federal Reserve officials will be closely watched by traders.



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