According to the All India Sarafa Association, the Yellow Metal RS 1500 had collected to close to RS 1.19,500 per 10 grams in the previous session on festive demand.
Gold of 99.5 percent purity extended the profit for the fourth consecutive session by Rising RS 500 to reach a record high of RS 1.19.400 per 10 grams (including all taxes) in the local Bullivenmarkt. The precious metal was arranged in the previous session at RS 1.18.900 per 10 grams.
“Gold prices rose when investors became nervous in the midst of imminent prospects of an US government closure after conversations between Trump and congress leaders ended without agreement on short -term financing.
“These troubled investors because it could slow down the release of the official job report and make it difficult to use the Federal Reserve policy process,” says Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
The yellow metal prices have risen by RS 41,050 or 52 percent in the current calendar year, rising from RS 78,950 per 10 grams on December 31, 2024. In addition, silver prices rose with RS 500 to reach a new peak of RS 1.50,500 per kilogram (inclusive of all taxes) on Tuesday. RS 7,000 had risen to reach a new peak of RS 1.50,000 per kg on Monday. So far in this year the silver prices have been zoomed in with RS 60,800 or 67.78 percent, with a rally of RS 89,700 per kg on December 31, 2024.
In the meantime, the dollar index, which measures the strength of the Greenback with a basket of six currencies, at 97.80, lower with 0.10 percent, supporting the prices of the precious metal.
Worldwide, the prices of the precious metal withdrew from record heights to act lower while investors made a profit at increased levels.
Spot gold dropped 0.55 percent to USD 3,813.14 per ounce. It reached a record high of USD 3,871.72 per ounce in the Intraday session.
Spot silver fell 1.51 percent to act on USD 46.22 per ounce in the overseas markets.
“The yellow metal became a new record high of USD 3,871 per ounce and currently acts with a loss on USD 3,818 per ounce while traders made a profit at raised levels,” said Praveen Singh, head of raw materials and currencies at Mirae Asset Sharekhan.
In the meantime, gold and silver prices in Futures withdrew from the record high when investors made a profit at increased levels.
Gold Futures For the delivery of December RS 141 or 0.12 percent to act with RS 1.16.203 per 10 grams. In the morning session, the noble metal futures RS rose 1,444 or 1.24 percent to reach a new peak of RS 1.17.788 per 10 grams.
Silver Futures For the delivery of December, RS fell 1,914 or 1.34 percent to RS 1.41.185 per kilogram. The white metal was bounced with RS 1,231 or 0.86 percent to reach a lifelong height of RS 1.44.330 per kg on the multi-community exchange.
“Gold exchanged volatile for the most important American data releases, including ADP non -boar employment change, and Friday not -graric wage lists with unemployment figures.
“Profit booking by market participants also added volatility in the gold and silver futures,” says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
In the overseas markets, the Golden Futures went by 0.38 percent lower to USD 3,840.50 per ounce. The yellow metal for the delivery of December had risen in the session to a record of USD 3,899.15 per ounce.
Silver Futures For the delivery of December, 1.49 percent lower on USD 46.31 per ounce. It had a peak of USD 47.41 per ounce.
Chintan Mehta, Chief Executive Officer of Abans Financial Services, said: “Markets will closely monitor the escalating global uncertainties, because it will feed sentiment for the overall demand and disruptions of supply.”
“These signals will probably define the following route for Gold Rally in the coming days, because traders or economic conditions justify a deeper relaxation or a more cautious position,” Mehta added.
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