Gold Prices Soar in Delhi as Oil Prices Rebound
Gold prices surged by Rs 2,000 to reach an all-time high of Rs 1.58 lakh per 10 grams in Delhi on Tuesday. This marks a second consecutive day of gains for the precious metal as retailers and stockists stepped up their buying. The price of gold, which has a purity of 99.9%, rose from Monday's closing level of Rs 1,56,800 to Rs 1,58,800 per 10 grams, inclusive of all taxes.
Silver also saw a significant increase, rising by Rs 730 to reach Rs 2,40,730 per kilogram, including all taxes. This comes after the metal remained flat at Rs 2,40,000 per kg for two consecutive sessions, according to the All India Sarafa Association.
Despite global spot gold trading 0.5% lower at USD 4,394.57 per ounce and silver dropping over 1% to USD 65.08 per ounce, Indian markets seem to be bucking the trend. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, attributed this to oil prices rebounding due to supply concerns emanating from West Asia.
The global investment story continues to provide a cushion for gold and silver prices, with total known gold-backed exchange-traded fund holdings rising to 97.39 million ounces on Monday.