Gold Prices Soar in India as Retailers Step Up Buying
Gold prices surged in India's national capital on Tuesday, reaching Rs 1.58 lakh per 10 grams, an increase of Rs 2,000 from Monday's closing level. This marks the second consecutive day of gains for gold as retailers and stockists step up their buying.
Silver also rose by Rs 730 to Rs 2,40,730 per kilogram, after remaining flat at Rs 2,40,000 per kg for two sessions, according to the All India Sarafa Association.
Globally, spot gold traded 0.5% lower at USD 4,394.57 per ounce, while silver dropped by over 1% to USD 65.08 per ounce. However, experts say that gold and silver may continue to see volatility in the near term due to uncertainty around the US monetary policy outlook.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that despite a pullback in spot silver prices, the broader backdrop remains constructive for bullion. This is supported by softer Fed rate expectations and sustained central bank buying led by China.