Gold Surges Rs 2,000, Silver Jumps in Delhi Market Amid Global Turmoil
Gold prices surged in Delhi's market on Tuesday, climbing Rs 2,000 to Rs 1.58 lakh per 10 grams. The increase follows a second consecutive day of gains, with retailers and stockists stepping up their buying activity.
Silver also rose by Rs 730 to Rs 2,40,730 per kilogram, ending its two-session flat streak according to the All India Sarafa Association.
The global market was influenced by factors such as Federal Reserve policy and investment demand. Despite spot gold trading 0.5% lower at USD 4,394.57 per ounce, and silver dropping over 1% to USD 65.08 per ounce, the overall trend remains positive for bullion.
Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, attributed the movement in gold prices to its correlation with crude oil prices, which rebounded due to supply concerns from West Asia. Meanwhile, Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that the broader backdrop for bullion remains constructive, driven by softer Fed rate expectations and sustained central bank buying.