Gold Prices Jump ₹300 to ₹1.48 Lakh in Delhi

Gold prices in Delhi increased by ₹300 to ₹1,48,300 per 10 grams on Friday, driven by strong demand from retailers and jewellers.

The price of gold with 99.9 per cent purity had closed at ₹1,48,000 per 10 grams in the previous session. However, silver prices remained unchanged at ₹2,24,700 per kilogram, inclusive of all taxes.

Local traders attributed the rise in gold prices to continuous buying by retailers and jewellers, which supported domestic gold prices despite weak global prices. In contrast, silver traded in a narrow range.

In international markets, spot gold prices slipped by $48.28, or 1.18 per cent, to $4,055.56 per ounce, while silver dropped nearly 2 per cent to $57.98 an ounce. According to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, spot gold eased back from Thursday's highs, slipping below $4,060 per ounce as the dollar gained ground.

The rebound in crude oil prices also affected investors' appetite for precious metals in overseas markets. Brent oil futures rose nearly 1 per cent to $89.69 per barrel, and West Texas Intermediate advanced to $84.16 a barrel in New York, reviving inflation concerns and limiting bullion's upside.

Analysts believe that investors are awaiting key economic data, including the University of Michigan consumer sentiment and inflation expectation numbers, along with the second-quarter Employment Cost Index. This data will provide insights into the US economic outlook and the Federal Reserve's monetary policy trajectory, which will influence the near-term direction of bullion prices.

The rise in gold prices in Delhi is significant, given the current economic conditions and the ongoing demand for precious metals. As the global economy continues to evolve, it is likely that gold prices will remain volatile, influenced by a range of factors, including crude oil prices, inflation concerns, and monetary policy decisions.

In conclusion, the increase in gold prices in Delhi reflects the strong demand for precious metals in the domestic market, despite weak global prices. As investors await key economic data, the outlook for gold prices remains uncertain, and it is likely that prices will continue to fluctuate in response to changing market conditions.

The gold price increase has implications for Mumbai residents, as it may impact the prices of gold jewellery and other precious metal products. Additionally, the rise in gold prices may also affect the overall economy, as it can influence inflation and monetary policy decisions.

Overall, the rise in gold prices in Delhi is a significant development, and it will be important to monitor the market closely in the coming days to see how prices evolve.