According to All India Sarafa Association, 25 carat gold rose by Rs 2430 to an all-time high of Rs 88500 per 10 grams on Monday. In the last seven trading sessions, gold rose by Rs 5660 or 6.8 percent. This year, the yellow metal has increased by Rs 8910 or 11.22 percent. Let us know the reason for the change in gold prices.
Gold prices have fallen after seven days. Gold prices in the national capital fell by Rs 200 to Rs 88,300 per 10 grams following a slowdown in global markets and selling by stockists. 24 carat gold also fell by Rs 200 to Rs 87,900 per 10 grams, while it closed at Rs 88,100 per 10 grams on the previous trading day. Silver prices also fell by Rs 900 to Rs 96,600 per kg.
According to the All India Sarafa Association, 25 carat gold rose by Rs 2,430 to an all-time high of Rs 88,500 per 10 grams on Monday. Gold had risen by Rs 5,660 or 6.8 per cent in the last seven trading sessions. At the same time, the yellow metal has gained Rs 8,910 or 11.22 per cent this year. Expert opinion on gold prices
Jatin Trivedi, Vice President Research Analyst –
Commodity & Currency, LKP Securities said, “Gold rose in early trade on MCX as tariff concerns triggered panic buying. Also, central banks continued to buy gold. However, a strong rupee limited the gains on MCX, taking it to Rs 85,450 before the evening session, indicating continued volatility.”
Trivedi said the upcoming US Consumer Price Index (CPI) data and Federal Reserve Chairman Jerome Powell’s interest rate outlook would be key events for gold traders as the dollar index remains around $108.
Global uncertainty impacts gold
Globally, Comex gold futures for April delivery were trading lower at $2,933.10 an ounce. In the intraday session, it rose $34 an ounce or 1.16 per cent to a record high of $2,968.39 an ounce.
“Despite some profit booking, gold prices still remain above the $2,900 level due to concerns over global trade war and economic uncertainty,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities. In overseas markets, Comex silver futures also fell nearly 1 per cent to $32.17 an ounce.
