Amid strong global trends, gold price rises by ₹370, silver rate soars by ₹750; check details
Gold Price: Spot gold prices were up ₹370 per 10 grams in the Delhi markets, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities. The spot gold prices traded ₹61,350 per 10 grams.
PremiumIn the middle of a global precious metal rally, gold prices jumped by ₹370 to ₹61,350 per 10 grams on Monday in the national capital, according to HDFC Securities.
The last trading session saw the yellow metal conclude at ₹60,980 per 10 grams.
Similar to gold, the price of silver increased by ₹750 to ₹74,350 per kilogramme.
Spot gold prices were up ₹370 per 10 grams in the Delhi markets, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities. The spot gold prices traded ₹61,350 per 10 grams.
Both gold and silver were trading higher on the international market, at USD 2,023 per ounce and USD 24.26 per ounce, respectively.
Monday's Asian trading hours saw higher Comex gold prices as demand for safe haven assets increased amid growing concerns about the US debt ceiling crisis and banking sector crisis, according to Gandhi.
As the dollar weakened and investors remained apprehensive of the U.S. debt ceiling dispute, which might fuel concerns of a global economic slowdown, gold regained its footing on Monday after three straight sessions of losses, according to Reuters.
At 0927 GMT, spot gold was up 0.2% at $2,015.80 an ounce after falling to its lowest level since May 5 on Friday. Futures for U.S. gold increased by 0.1% to $2,021.40.
On concerns that political disputes over extending the federal government's borrowing cap might cause a recession, US consumer morale fell to a six-month low in May.
President Joe Biden of the United States stated that he anticipates meeting with legislative leaders on Tuesday to discuss a strategy to increase the country's debt ceiling and prevent a disastrous default.
"Still, gold risks being temporarily dragged back into the sub-$2,000 domain on a major risk-on wave stemming from a deal to lift the US debt ceiling in the immediate term," said Han Tan, chief market analyst at Exinity as reported by Reuters.
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