Gold Price Rises in India Amid US-Iran Tensions
Gold prices in India have increased by Rs 100 to Rs 1,47,500 per 10 grams in Delhi on Tuesday. The price of gold had closed at Rs 1,47,400 per 10 grams on Monday.
The All India Sarafa Association reported that silver prices remained unchanged at Rs 2,26,500 per kilogram, inclusive of all taxes.
Traders noted modest buying in the domestic market for gold, while silver traded within a narrow range. The yellow metal's price edged up due to investor caution amid ongoing US-Iran diplomatic developments and uncertainty surrounding the Federal Reserve's policy outlook, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
The global markets saw spot gold trading lower at USD 4,049.20 per ounce. However, Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, noted that oil prices have rebounded, causing spot gold to erase its early gains and trade around USD 4,050 per ounce.
Meanwhile, spot silver in the international markets rose nearly 1% to trade at USD 58.66 per ounce, supported by stronger-than-expected US manufacturing data, according to Kaynat Chainwala, AVP Commodity Research at Kotak Securities.