Gold prices surged significantly on Tuesday, climbing by ₹800 to hit a new all-time high of ₹65,000 per 10 grams in the national capital, driven by strong global trends. In the previous session, gold concluded at ₹64,200 per 10 grams.
Spot gold prices (24 carats) in Delhi markets are now trading at ₹65,000 per 10 grams, up by ₹800, influenced by bullish cues from overseas markets.
According to analysts, spot gold reached a new all-time high of ₹65,000 on Tuesday. Similarly, silver saw a robust rally, rising by ₹900 to ₹74,900 per kilogram. In the preceding trading session, it settled at ₹74,000 per kilogram.
In global markets, spot gold at Comex traded at $2,110 per ounce, up by over 1 percent compared to the previous closing.
This surge in gold prices was fueled by speculation surrounding a potential interest rate cut by the US Federal Reserve in June. Consequently, on the Multi Commodity Exchange (MCX), gold witnessed a notable rise of over ₹2,400 in the last three days.
“The rise was also fueled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures,” an analyst mentioned.
Furthermore, increased geopolitical tensions have suppressed short-selling tendencies, enhancing gold’s appeal as a buy-on-dip asset. Silver was also trading higher at $23.88 per ounce, compared to its previous close at $23.09 per ounce.
“Gold and silver prices have recovered and are trading positive, despite a steady dollar in the overseas market, while steady moves in global equities and uncertainty over the US Fed’s policies on cutting interest rates have pushed investors towards safer assets,” another analyst said.
