Gold Price Soars Rs 450, Silver Jumps Rs 1000

New Delhi, Jul 3 (PTI) Gold prices climbed Rs 450 to Rs 99,620 per 10 grams in the national capital on Thursday due to continuous buying by stockists, according to the All India Sarafa Association.

On Wednesday, the precious metal of 99.9 per cent purity had closed at Rs 99,170 per 10 grams.

Gold of 99.5 per cent purity appreciated Rs 400 to Rs 99,000 per 10 grams (inclusive of all taxes). The yellow metal had finished at Rs 98,600 per 10 grams in the previous market session.

Additionally, silver prices rallied Rs 1,000 to Rs 1,05,800 per kilogram (inclusive of all taxes) on Thursday. The white metal had settled at Rs 1,04,800 per kg in the previous close.


"Gold and silver extended their gains after the dollar index fell to a fresh 3.5-year low, while US Treasury yields dipped to a two-month low," Rahul Kalantri, Vice-President of Commodities at Mehta Equities, said.

"Additionally, concerns over the approaching July 9 US trade tariff deadline lent further support. If a trade deal is not finalised in time, higher tariffs could trigger volatility in global financial markets, which will be supportive for the bullion prices," Kalantri added.

On the global front, spot gold fell USD 8.21, or 0.24 per cent, to USD 3,348.89 per ounce.

"Investors will be awaiting crucial US macroeconomic data releases later in the day, including non-farm payrolls (NFP) and unemployment figures, which could provide fresh direction for the Federal Reserve's interest rate path and trajectory for the bullion prices," Jateen Trivedi, VP Research Analyst -- Commodity and Currency -- LKP Securities, said.