Gold Price Surge Continues for Seventh Straight Session
Gold prices have surged to Rs 1,59,800 per 10 grams in India, up by Rs 12,400 or 8.4% from August 3, marking a seventh consecutive session of gains. This rally is driven by firm global demand and strong investment appetite, as investors increase safe-haven buying ahead of the US inflation data.
According to Gaurav Garg, Head of Research at Lemonn Markets Desk, persistent geopolitical tensions in West Asia also support demand for precious metals. Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, added that a pullback in US Treasury bond yields and a steady dollar provide additional support.
In the global markets, spot gold gained USD 44.48 to USD 4,412.63 per ounce, while silver was trading 2.37% higher at USD 66.23 per ounce. Analysts noted that gold's rally found fresh fuel as US inflation numbers came in broadly as expected.
Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, pointed out that recovering exchange-traded fund holdings are also supporting gold prices. Meanwhile, Citi Research has retained its silver price forecast, expecting the metal to climb up to USD 90 per ounce over the next six to twelve months.