Gold Surges Amid Oil Price Volatility, Silver Rises

Gold prices surged Rs 2,000 to reach Rs 1.58 lakh per 10 grams in New Delhi on Tuesday, marking a second consecutive day of gains as retailers and stockists increased their buying.

The price of gold with 99.9% purity rose from Monday's closing level of Rs 1,56,800 per 10 grams to Rs 1,58,800 (inclusive of all taxes), according to the All India Sarafa Association.

Silver also gained Rs 730 to reach Rs 2,40,730 per kilogram, ending a two-session flat period, while globally spot gold traded 0.5% lower at USD 4,394.57 per ounce and silver dropped over 1% to USD 65.08 per ounce.

Commodity experts attributed the fluctuations in global oil prices to supply concerns emanating from West Asia, stating that crude oil rebounded after the US-Iran ceasefire expired on Monday.