Gold Prices Surge by Rs 1,150, Reaching Rs 78,500 per 10 Grams in Delhi

Gold Prices Surge by Rs 1,150, Reaching Rs 78,500 per 10 Grams in Delhi

VoM News Desk | October 12, 2024 | 08:29 AM IST | Daily Gold Prices | Follow on Google News

Gold Prices Surge by Rs 1,150, Reaching Rs 78,500 per 10 Grams in Delhi

Gold Prices Surge by Rs 1,150, Reaching Rs 78,500 per 10 Grams in Delhi

New Delhi, October 11: Gold prices soared by Rs 1,150 to Rs 78,500 per 10 grams on Friday, nearing an all-time high in the national capital. This spike in prices was attributed to increased demand from jewellers and a positive global trend, according to the All India Sarafa Association. The precious metal of 99.9% purity had previously closed at Rs 77,350 per 10 grams on Thursday.

Silver prices also saw a significant rise, jumping Rs 1,500 to Rs 93,000 per kg, marking the second consecutive day of gains. It had settled at Rs 91,500 per kg the previous day.

Gold of 99.5% purity followed a similar trend, gaining Rs 1,150 to reach Rs 78,100 per 10 grams. It had finished at Rs 76,950 on Thursday.

Traders attribute the increase in gold prices to strong local demand combined with favorable global conditions.

MCX Futures Trading
In futures trading on the Multi Commodity Exchange (MCX), gold contracts for December delivery rose Rs 613 (0.81%) to trade at Rs 75,910 per 10 grams. Silver contracts for December delivery also surged by Rs 900 (1%) to Rs 91,204 per kg.

Global Market Performance
On the international front, Comex gold futures climbed by 0.79% to USD 2,660.10 per ounce. Silver prices in global markets were quoted 0.56% higher at USD 31.42 per ounce.

Market Drivers
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, the key factors driving the positive trend in gold include recent US data suggesting continued interest rate cuts due to high jobless claims and elevated crude oil prices, indicating ongoing inflationary pressures.

Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, added that tensions in the Middle East, particularly following Israeli PM Netanyahu’s security cabinet meeting to discuss the country’s response to Iran’s missile attack, have fueled the demand for safe-haven assets like gold.

Chintan Mehta, CEO of Abans Holdings, noted that US unemployment claims have reached a 17-month high, and with the upcoming US Presidential elections, investors are shifting towards safer assets, boosting gold’s appeal. Rising geopolitical risks, particularly in the Middle East and the Korean Peninsula, also point to a bullish outlook for gold. Markets are now awaiting the release of US Core Producer Price Index data, which will likely influence future market trends.

VoM News Desk

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