NEW DELHI: Gold prices surged by Rs 300, reaching Rs 81,400 per 10 grams in the national capital on Tuesday, driven by strong demand from jewellers and retailers ahead of Dhanteras, as reported by the
All India Sarafa Association
. Silver also climbed, increasing by Rs 200 to Rs 99,700 per kilogram as industrial units and coin makers pushed demand higher.
According to market traders, silver coins have gained popularity as a token purchase for Dhanteras, with some buyers opting out of the higher-priced gold. Gold of 99.5% purity neared record highs, rising to Rs 81,000 per 10 grams, while on Monday, it closed at Rs 80,700 for the same purity.
On the Multi Commodity Exchange (MCX), December gold futures advanced by Rs 178, or 0.23%, to Rs 78,744 per 10 grams. Jateen Trivedi, VP Research Analyst for Commodity and Currency at LKP Securities, noted, “Gold prices in MCX remained positive, with Dhanteras driving long positions and pushing prices above Rs 80,000 in physical markets.”
Silver futures also experienced a jump, with December contracts on the MCX climbing Rs 786 or 0.81% to Rs 98,210 per kg. Comex gold futures followed suit globally, advancing 0.23% to USD 2,762.20 per ounce.
Analysts point to the US Presidential election, rising debt concerns, and geopolitical tensions as significant factors fueling gold’s safe-haven appeal. “The market’s focus will remain on US elections and the Fed’s monetary policy, which could influence gold’s path ahead,” Pranav Mer, VP of Research at BlinkX and JM Financial, observed.
Looking forward, key US economic indicators, including Manufacturing PMI, GDP, and employment data, will be watched closely for clues on the Federal Reserve’s policy direction.
