Gold prices in the national capital rose by Rs 50 on Tuesday to align with their all-time high of Rs 96,450 per 10 grams last week, the All India Sarafa Association said. This hike followed a Rs 50 dip on Monday, when gold of 99.9% purity had closed at Rs 96,400 per 10 grams.
This upward trend in the precious metal highlights its role as a safety net amid ongoing economic uncertainty.
Following a similar path, gold of 99.5% purity also gained Rs 50, taking it back to its record level of Rs 96,000 per 10 grams, up from Rs 95,950 a day earlier.
Silver also saw a sharp spike, climbing Rs 2,500 to trade at Rs 97,500 per kilogram, driven by renewed industrial demand. On Monday, silver had dropped by Rs 500 to settle at Rs 95,000 per kg.
In international markets, spot gold edged up by $13.67 or 0.43% to $3,224.60 an ounce, while Comex gold futures for June delivery rose 0.47% to $3,241.50 an ounce. Spot silver, however, slipped slightly in Asian trading hours to $32.32 an ounce.
“Gold prices remain steady near all-time highs, buoyed by a weakening dollar and persistent uncertainty surrounding US trade policy,” said Chintan Mehta, CEO at Abans Financial Services.
He further added that investors would be closely watching for signals from upcoming US fed reserve chair Jerome Powell’s press conference, scheduled for Wednesday.
Meanwhile, traders are also eyeing key US macroeconomic data, including the NY Empire State Manufacturing Index, expected later on Tuesday.
Saumil Gandhi, senior analyst of commodities at HDFC Securities said that further direction is expected to come from upcoming speeches by FOMC member Thomas Barkin and ECB President Christine Lagarde. But the primary focus remains on any tariff-related headlines which could influence bullion prices.”
Market observers are also awaiting for Thomas Barkin, member of the federal open market committee and Christine Lagarde, European Central Bank’s president.