Gold surges Rs 1,100 to Rs 1,41,500 per 10g in Delhi on firm global cues
New Delhi, Jan 06: Rising for the fourth straight day, the gold price on Tuesday jumped by Rs 1,100 to Rs 1,41,500 per 10 grams, tracking firm global trends, according to the All India Sarafa Association.
On Monday, the precious metal of 99.9 per cent purity closed at Rs 1,40,400 per 10 grams.
Gold prices in the national capital increased by Rs 1,100 to Rs 1,41,500 per 10 grams, the All India Sarafa Association said.
"Gold extended its gains on Tuesday, supported by a softer US dollar and dovish comments from Federal Reserve officials, which reinforced market expectations for potential interest-rate cuts in the coming months," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also witnessed robust buying in the bullion market. The white metal continued its rally for the third consecutive day by surging Rs 7,000 to Rs 2,51,000 per kilogram (inclusive of all taxes) from the previous close of Rs 2,44,000 per kg.
In the international market, spot gold went up by USD 11.45, or 0.26 per cent, to USD 4,460.49 per ounce.
"Spot gold is trading with a gain at around USD 4,460 per ounce, driven by the geopolitical risk escalation as the US captured and removed the Venezuelan leader Nicolas Maduro," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
Meanwhile, US President Donald Trump has threatened further strikes if Caracas continues to defy US efforts to open up its oil business and curb drug trafficking, while also weighing action against Colombia and Mexico over illegal drug flows.
Spot silver also strengthened in the overseas trade, rising by USD 1.75, or 2.28 per cent, to USD 78.36 per ounce.
Bullion prices are hovering close to record highs in the international markets and could scale fresh peaks if global geopolitical tensions intensify further or incoming US data bolsters expectations that the Federal Reserve may need to ease monetary policy more forcefully than currently priced, Renisha Chainani, Head - Research at Augmont, said.
