Gold prices in India have surged for the third consecutive day, reaching Rs 1.65 lakh per 10 grams, while silver rebounded by Rs 5,000, as geopolitical tensions in West Asia and global inflation concerns continue to drive demand for precious metals.
Photograph: Heinz-Peter Bader/Reuters
Key Points
- Gold prices in New Delhi increased by Rs 600 to Rs 1.65 lakh per 10 grams, marking the third consecutive day of gains.
- The yellow metal has seen a cumulative gain of Rs 2,700 over the past three sessions.
- Silver prices also rebounded significantly, jumping Rs 5,000 to reach Rs 2.71 lakh per kilogram.
- Continued geopolitical tensions in West Asia, global inflation concerns, and a weaker rupee are supporting the demand for precious metals.
- Domestic bullion prices remained strong despite a decline in international spot gold and silver markets.
Gold prices rose by Rs 600 to Rs 1.65 lakh per 10 grams in the national capital on Thursday, and silver advanced to Rs 2.71 lakh per kilogram as traders stayed cautiously optimistic towards precious metals amid geopolitical tensions.
Precious Metals Extend Gains
Extending gains for the third straight session, the yellow metal of 99.9 per cent rose Rs 600 to Rs 1,65,500 per 10 grams (inclusive of all taxes) from Wednesday’s closing level of Rs 1,64,900, according to local marketmen.
The precious metal has gained Rs 2,700 in the past three sessions.
Traders said continued geopolitical tensions in West Asia and concerns over inflation globally supported buying in the metal despite firm US Treasury bond yields.
Silver Rebounds Amid Demand
Silver prices also staged a recovery, jumping Rs 5,000 to Rs 2,71,000 per kilogram, aided by bargain buying and recovery in industrial demand sentiment, market players said.
Analysts said concerns over the US-Iran conflict and disruptions linked to the Strait of Hormuz continued to underpin demand for the precious metals, and a weaker rupee also supported local prices.
Domestic bullion prices remained resilient even as international markets declined. Spot gold edged lower to USD 4,534.54 per ounce while silver slipped nearly 1 per cent to USD 75.39 per ounce.
