London:

The price of gold soared Tuesday to a record peak, propelled by trader expectations of falling US interest rates in September as inflation cools.

In late afternoon London deals, gold soared 1.7 percent to touch $2,463.80 per ounce, crushing its previous pinnacle of $2,450.07 reached in May.

Ricardo Evangelista of ActivTrades saw gold benefiting “from the weakening of the dollar and the decline in Treasury yields,” which are gold’s rival assets, after the publication last week of data confirming that inflation in the United States was returning to levels close to those hoped for by the Fed.

“There is no doubt that the recent surge in gold prices can be at least partially attributed to a declining dollar and falling bond yields, thanks to weaker-than-expected US data and an unexpected drop to 3 percent in US consumer inflation last week,” said Fawad Razaqzada, analyst at City Index.

He added that “gold continues to attract interest for its value retention capabilities.”

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Silver anklets in Salem in Tamil Nadu. File image for representation.
| Photo Credit: E. Lakshmi Narayanan

Silver prices hit a lifetime high levels of ₹97,100 in the local market on Wednesday, while gold prices rose ₹250 in line with strong trends in the overseas markets, according to HDFC Securities.

Continuing its winning run for the third straight session, silver soared ₹1,150 to ₹97,100 per kg. It had closed at ₹95,950 per kg on Tuesday.

In the futures trade, silver also hit a lifetime peak of ₹96,493 per kg on the Multi Commodity Exchange (MCX) on Wednesday.

Meanwhile, the gold prices climbed ₹250 to ₹73,200 per 10 grams in the national capital.

In the previous session, the precious metal prices had settled at ₹72,950 per 10 grams.

“Spot gold prices (24 carats) in the Delhi markets are trading at ₹73,200 per 10 grams, up ₹250 against the previous close,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

In international markets, spot gold at Comex was trading at $2,352 per ounce, up $6 from the previous close.

“Gold prices rose slightly on Wednesday, as safe haven demand following another attack on a ship in the Red Sea added to heightened geopolitical tensions in the Middle East.”

“However, hawkish comments from several U.S. Federal Reserve officials and a jump in U.S. Treasury yields limit the gains in precious metals,” Mr. Gandhi said.

Additionally, silver also traded higher at $32.05 per ounce. In the previous session, it ended at $31.50 per ounce. Spot silver prices have gained 35% this year to date, reaching 12-year highs.

“Gold price faced resistance at $2,355-2,360 level in Comex, and MCX Gold faced selling around ₹72,450.”

“Amid a rise in US dollar and upcoming Personal Consumption Expenditures (PCE) price index data on Friday, which will hint towards inflation projections, thus profit booking was seen in gold after a positive rally from ₹71,250 to 72,450 in last three trading sessions,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

On the MCX, the most traded July contract of silver gained ₹52 to trade at ₹95,500 per kg. However, gold contracts for June delivery were trading lower by ₹131, or 0.18%, to ₹72,049 per 10 grams on the bourse.

Gold prices on Friday rose ₹381 to ₹60,699 per 10 grams in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for December delivery traded higher by ₹381 or 0.63 per cent at ₹60,699 per 10 grams in a business turnover of 15,051 lots.

Fresh positions built up by participants led to the rise in gold prices, analysts said.

Globally, gold was trading 0.66 per cent higher at $1,993.50 per ounce in New York.

Gold rings are seen on display for customers at a jewellery shop in Seoul. File
| Photo Credit: REUTERS

Gold price gained ₹50 to ₹57,400 per 10 grams in the national capital on Friday amid a rise in precious metal prices internationally, according to HDFC Securities.

In the previous trade, the yellow metal had ended at ₹57,350 per 10 grams.

However, silver plunged ₹400 to ₹70,900 per kilogram.

Gold prices recovered from a recent low amid pullbacks in the U.S. dollar and 10-year Treasury yields, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the overseas markets, gold was up at $1,822 per ounce, while silver was quoting lower at $20.95 per ounce.

Meanwhile, traders are looking ahead to U.S. labour data which is due later today, Mr. Gandhi said.

Gold price tumbled by ₹650 to ₹57,550 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities.

In the previous trade, the precious metal had ended at ₹58,200 per 10 grams.

Silver also nosedived ₹1,800 to ₹71,500 per kilogramme.

Gold and silver prices slipped on Comex in the previous session as the domestic market was shut on Monday, Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said.

In the overseas markets, both gold and silver were trading lower at $1,825 per ounce and $21.10 per ounce, respectively.

The Treasury bond yields have reached a new multi-decade high on the back of the U.S. Federal Reserve’s narrative in the past few week, that the interest rates would remain higher for longer, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Gold closed at ₹58,950 per 10 grams in the previous trade. However, silver surged ₹1,200 to ₹74,300 per kilogram.
| Photo Credit: Reuters

Gold prices declined ₹250 to ₹58,700 per 10 grams in the national capital on September 29 amid a fall in precious metal prices overseas, according to HDFC Securities.

The yellow metal had closed at ₹58,950 per 10 grams in the previous trade. However, silver surged ₹1,200 to ₹74,300 per kilogram.

“Delhi spot gold prices fell to their lowest level since March 19, Saumil Gandhi,” senior analyst of commodities at HDFC Securities, said.

In the global markets, gold was trading lower at $1,871 per ounce, while silver was up at $23.05 per ounce. Gold have been trending lower since the beginning of the week, after the U.S. Federal Reserve’s hawkish signal that interest rates would remain higher for longer, Mr. Gandhi said.

 In the global markets, gold and silver were trading lower. File image for representation.
| Photo Credit: NAGARA GOPAL

Gold prices fell ₹150 to ₹60,050 per 10 grams in the national capital on Thursday amid weak global cues, according to HDFC Securities.

In the previous trade, the precious metal had finished at ₹60,200 per 10 grams.

Silver also declined ₹700 to ₹74,100 per kg.

In the global markets, gold and silver were trading lower at $1,917 per ounce and $23.05 per ounce, respectively.

Gold continue to decline for the third straight day as stronger-than-expected U.S. economic data triggers bets that the Federal Reserve could hike interest rates again this year, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.