New Delhi, Feb 27 (PTI) Gold prices climbed Rs 1,800 to Rs 1,64,700 per 10 grams in the national capital on Friday, driven by fresh buying by jewellers and stockists, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity closed at Rs 1,62,900 per 10 grams on Thursday.
Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said, that gold price rose amid mixed global signals, “as markets weighed escalating US trade protectionism and persistent tensions in the Middle East against a steady dollar”.
He added that geopolitical friction and tariff-related uncertainty continued to support safe-haven demand, the stable dollar, and lowered expectations of rate cuts by the Federal Reserve limited more significant upward movements.
However, silver extended losses for the second consecutive day, declining Rs 2,500, or nearly 1 per cent, to Rs 2,68,000 per kilogram (inclusive of all taxes) from the previous close of Rs 2,70,500 per kg, as per the association.
In the international market, spot silver gained USD 1.42, or 1.6 per cent, to USD 89.72 per ounce; however, gold was trading marginally lower at USD 5,172.17 per ounce.
“Spot gold is trading steady at USD 5,180 as traders wait for further information and clarity on the US-Iran nuclear deal,” Praveen Singh, Head of Commodities and Currencies, Mirae Asset ShareKhan, said.
Gandhi of HDFC Securities said investors will now focus on the macroeconomic front, with the US Producer Price Index data set to be released later in the day.
This inflation data could impact expectations for the Federal Reserve’s policy direction and influence the near-term trajectory of the US dollar and bullion prices.
“Speeches from several Federal Open Market Committee members will also be closely watched for further insights, which may provide fresh momentum for gold,” he added. PTI HG HVA
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