New Delhi: Precious metals witnessed a sharp recovery in the national capital’s bullion market on Thursday, as gold staged a spectacular comeback following two consecutive days of decline. Silver also broke new ground, hitting a fresh record high.
Gold prices surged by Rs 3,000 per 10 grams, pushing the cost of 99.9 percent purity gold to Rs 1,47,500 per 10 grams inclusive of all taxes. This marks a significant rebound from the previous day’s closing price of Rs 1,44,500 per 10 grams.
Silver followed a similar upward trajectory, marking its third consecutive session of gains. The white metal jumped by Rs 5,000 per kilogram to reach a record level of Rs 2,40,000 per kilogram inclusive of taxes, up from Rs 2,35,000 in the previous session. Market traders attribute this persistent support to robust industrial and investment demand.
The domestic rally was largely driven by trends in the international market, where a weakening dollar and rising demand for safe haven assets bolstered prices. Experts noted that global market sentiment shifted following signals from the US Federal Reserve that it might adopt a less hawkish stance on interest rates than previously anticipated.
Saumil Gandhi, senior commodities analyst at HDFC Securities, explained that the market experienced a sense of relief after the Fed’s signals, which reduced the immediate fears of aggressive interest rate hikes. This development provided substantial support to gold prices.
In global markets, spot gold prices rose by nearly 1 percent to reach $4,070.04 per ounce. Silver also maintained its momentum, trading at $59.89 per ounce with a 1.3 percent gain.
Market experts remain optimistic about the medium term trend, suggesting that if the dollar continues to weaken and global economic uncertainties persist, gold and silver prices may witness continued volatility with an upward bias. Investors are now keenly watching global economic indicators and central bank policies to gauge the future direction of these precious metals.