The price of gold and silver rose sharply on Tuesday. Amid strong global cues, gold prices in Delhi on Tuesday rose by Rs 1,400 to Rs 74,150 per 10 grams. According to PTI news, earlier on Friday, the precious metal closed at Rs 72,750 per 10 grams in the previous session. The price of silver also rose by Rs 3,150 to Rs 87,150 per kg from the previous close of Rs 84,000 per kg.
Prices had fallen continuously
According to the news, gold prices fell continuously after the Union Finance Minister announced a cut in import duty on the metal in the annual budget for FY 2025. On July 23, the yellow metal fell by Rs 3,350 to Rs 72,300 per 10 grams. Meanwhile, on Tuesday, the prices of gold of 99.9 per cent and 99.5 per cent purity rose by Rs 1,400 each to Rs 74,150 and Rs 73,800 per 10 grams, respectively.
Why did the prices rise?
Traders attributed the rise in gold prices to rising demand from local jewelers as well as global trends. On the global front, gold was trading higher by $18.80 an ounce at $2,560.10 an ounce. Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said gold continued to rise on Tuesday, buoyed by expectations of aggressive interest rate cuts by the US Federal Reserve (Fed).
Comex gold price
According to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, Comex gold prices started the week with a marginal gain, hitting a record high of $2,549.90 and closed at $2,541. The rally was driven by safe-haven demand and a weak dollar amid concerns about the US economy’s resilience, geopolitical tensions and recent comments from the Chicago Fed president that rekindled recession fears. Chainwala said investors are closely tracking the Fed’s upcoming interest rate decision, as policymakers have signaled a cautious stance.
