Gold Prices in Delhi Soar to New High Amid Global Volatility
Gold prices surged by Rs 2,000 to hit a new high of Rs 1.58 lakh per 10 grams in Delhi on Tuesday, extending its gains for a second consecutive session.
The price increase was driven by increased buying from retailers and stockists, according to the All India Sarafa Association.
Silver also saw a significant rise, increasing by Rs 730 to reach Rs 2,40,730 per kilogram, after remaining flat at Rs 2,40,000 per kg for two sessions.
Despite the upward trend in gold and silver prices, globally, spot gold traded 0.5% lower to USD 4,394.57 per ounce, while silver dropped by over 1% to USD 65.08 per ounce.
Experts attribute the global market volatility to supply concerns emanating from West Asia, particularly with regards to crude oil prices.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that spot silver eased towards USD 65 per ounce due to firm US Treasury yields and profit-taking.