Gold Prices Soar in India as Retailers and Stockists Boost Buying Activity
Gold prices surged in India, rising by Rs 2,000 to Rs 1.58 lakh per 10 grams in New Delhi, marking a second consecutive day of gains. The increase is attributed to retailers and stockists stepping up their buying activity.
The price of the yellow metal climbed from Monday's closing level of Rs 1,56,800 per 10 grams to Rs 1,58,800 per 10 grams. Silver also saw an increase, advancing by Rs 730 to Rs 2,40,730 per kilogram after remaining flat at Rs 2,40,000 per kg for two sessions.
Globally, spot gold traded 0.5% lower to $4,394.57 per ounce, while silver dropped around 1% to $65.08 per ounce. According to Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, gold was hovering around $4,392 per ounce as crude oil rebounded on supply concerns emanating from West Asia.
Oil prices gained after the 60-day US-Iran ceasefire expired on Monday, with neither side willing to extend it. The global investment story continues to provide a cushion for bullion, analysts said.