New Delhi, Feb 9 (PTI) Silver prices climbed more than 6 per cent to Rs 2.72 lakh per kilogram in the national capital on Monday, while gold rose nearly 1 per cent to Rs 1.58 lakh per 10 grams, driven by firm global trends and a weaker US dollar.
According to local marketmen, the white metal climbed Rs 17,000, or 6.66 per cent to Rs 2,72,000 per kilogram (inclusive of all taxes), from Friday’s closing level of Rs 2,55,000 per kg.
In addition, gold of 99.9 per cent purity increased Rs 1,300, or 0.83 per cent to Rs 1,58,500 per 10 grams (inclusive of all taxes). It had closed at Rs 1,57,200 per 10 grams in the previous session.
“Gold traded higher on Monday, supported by a pullback in the US dollar and bargain buying. The dollar index is trading lower by almost 0.30 per cent at 97 level, offering support to bullion prices,” Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities — said.
He added that broader global macro uncertainty and President Donald Trump’s frequent and unpredictable rhetoric on geopolitical and tariff-related issues underpin safe-haven demand for precious metals.
In the international market, spot silver gained USD 2.19, or 2.81 per cent, to USD 80.21 per ounce, while gold was trading 1 per cent higher at USD 5,012.94 per ounce.
Spot gold is trading with gains to trade around USD 5,012 per ounce. The precious metal rose nearly 4 per cent last week, and is drawing support from China’s central bank PBoC buying gold for the 15th straight month in January and a weaker US dollar, Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
However, on the flip side, geopolitical tensions remain contained as Iran-US negotiations, despite wide differences on certain issues, are likely to continue, Singh added.
On the data front, traders are awaiting the release of the closely watched US monthly jobs data (nonfarm payrolls and unemployment rate), due to release on Wednesday, Gandhi said.
In addition, US inflation data for consumers scheduled on Friday will be closely monitored; both data reports are likely to play a key role in shaping dollar’s direction and providing fresh cues for precious metals, he added. PTI HG HG TRB TRB
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.