Indian Gold Prices Soar as Retailers Step Up Buying
Gold prices in India surged by Rs 2,000 to Rs 1.58 lakh per 10 grams on Tuesday, marking a second consecutive day of gains. This increase was largely driven by retailers and stockists stepping up their buying activities.
The price of gold with 99.9% purity rose to Rs 1,58,800 per 10 grams (inclusive of all taxes) from Monday's closing level of Rs 1,56,800 per 10 grams.
Silver also saw a significant increase, advancing by Rs 730 to Rs 2,40,730 per kilogram (inclusive of all taxes). It had remained flat at Rs 2,40,000 per kg for two sessions prior to this jump.
According to analysts, the current investment story is providing support for gold and silver prices. Total known gold-backed exchange-traded fund holdings rose again on Monday to 97.39 million ounces.