Gold Price Surges Rs 500, Hits 2-Month High at Rs 81,300
Jan 16, 2025 18:05
Gold prices rallied Rs 500 in India on Thursday, hitting a two-month high of Rs 81,300 per 10 grams due to increased demand and rupee depreciation. Silver also soared by Rs 2,300.
Photograph: ANI Photo
New Delhi, Jan 16 (PTI) Gold prices rallied Rs 500 to hit over a two-month high of Rs 81,300 per 10 grams in the national capital on Thursday amid fresh buying from jewellers and retailers and rupee depreciation, according to the All India Sarafa Association.
The precious metal had closed at Rs 80,800 per 10 grams on Wednesday.
The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 80,900 per 10 grams. It settled at Rs 80,400 per 10 grams in the previous trading session.
Silver also surged Rs 2,300 to Rs 94,000 per kg from the previous close of Rs 91,700 per kg on Wednesday.
Meanwhile, gold contracts for February delivery rose Rs 297, or 0.38 per cent, to Rs 79,007 per 10 grams in the futures trade on the MCX on Thursday.
"Gold surged higher trading above Rs 79,000 in MCX, supported by a rupee depreciation," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
On Thursday, the rupee depreciated 16 paise to close at 86.56 (provisional) against the US dollar, dragged down by a strong American currency overseas, elevated crude oil prices and foreign fund outflows.
Silver contracts for March delivery appreciated Rs 654, or 0.7 per cent, to Rs 93,510 per kg on the Multi Commodity Exchange (MCX).
Globally, Comex gold futures increased USD 19.70 per ounce, or 0.72 per cent, to USD 2,737.50 per ounce.
Further, Jateen Trivedi highlighted that in the international markets Comex gold rally followed the release of US CPI data, which came in line with expectations for December.
However, a lower-than-expected core CPI, provided additional support to gold prices. The softer inflation reading has strengthened expectations of continued rate cuts by the Federal Reserve, adding momentum to gold's rally, Trivedi added.
HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said market participants will keep an eye on important US macro data, such as retail sales and the Philadelphia Fed Manufacturing Index to be released later on Thursday that will provide more direction for bullion prices.
Comex silver futures also traded 1.28 per cent higher in the Asian market hours at USD 31.94 per ounce.
Augmont's Head of Research Renisha Chainani said the future outlook for gold looks very optimistic, bolstered by several possible catalysts. The projected economic policies of the future Trump administration, such as more tax cuts and higher tariffs, could fuel inflationary pressure.
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