New Delhi, Aug 14 : Gold prices climbed Rs 400 to Rs 1,01,420 per 10 grams in the national capital on Thursday on fresh buying by stockists in line with firm global trends, according to the All India Sarafa Association.
The yellow metal of 99.9 per cent purity had settled at Rs 1,01,020 per 10 grams in the previous session.
Gold of 99.5 per cent purity increased by Rs 400 to Rs 1,01,000 per 10 grams (inclusive of all taxes) on Thursday. It had closed at Rs 1,00,600 per 10 grams on Wednesday.
In the national capital, silver prices rose by Rs 1,500 to Rs 1,13,500 per kg (inclusive of all taxes) on Thursday.
“Gold and silver prices rose after traders increased their bets on the US Federal Reserve for resuming interest rate cuts in the September meeting. While indications of a slowing labour market provided room for additional easing, the most recent US Consumer Price Index report allayed worries over tariff-driven inflation,” Renisha Chainani, Head of Research at Augmont said.
On the global front, spot gold went up marginally to trade at USD 3,356.96 per ounce in New York.
“Gold extends gains to trade ahead of US Producer Price Index and jobless claims data.
“However, optimism over trade, as Washington and Beijing extended their tariff truce by 90 days, and upcoming talks between US, European, Ukrainian, and Russian leaders, could temper further upside,” Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, dollar weakness has lent support to gold prices, while ongoing tariffs on various countries have also underpinned its strength. Overall, gold remains positive as long as USD 3,280 per ounce level is held.
However, spot silver slipped 0.41 per cent to USD 38.35 per ounce. (PTI)
