Gold Marginally Higher; Silver Rises Rs 100

New Delhi: Gold prices gained Rs70 to Rs99,000 per 10 grams in the national capital on Tuesday, supported by rupee depreciation, according to the All India Sarafa Association. The precious metal of 99.5 per cent purity climbed Rs200 to Rs98,600 per 10 grams (inclusive of all taxes). Silver prices went up by Rs100 to Rs1,00,200 per kg (inclusive of all taxes) on Tuesday.

The rupee declined 21 paise to settle at 85.60 (provisional) against the US dollar on Tuesday, weighed down by a firm American currency and outflow of foreign funds. Meanwhile, spot gold in the global markets fell by $25.22 per ounce or 0.75 per cent to $3,356.41 per ounce. “Gold prices are trading lower on profit-booking but underlying bias remains positive amid a rise in the safe-haven demand due to broad weakness in the US dollar, and escalation in the Russia-Ukraine war, rising economic uncertainty due to US-led tariff war,” Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services, said.

HDFC Securities’ Senior Analyst of Commodities Saumil Gandhi said traders are now anticipating the release of US macroeconomic data, such as JOLTS Job Openings data, along with speeches from key Federal Open Market Committee (FOMC) members, will influence the bullion prices.