Gold prices have risen for the third consecutive session due to rising domestic gold demand and a weak dollar. Furthermore, spot gold has surged to a new record high in international markets, leading investors to expect further gains in the coming days.
Significant Rise in Gold Prices
The price of 24-carat gold has seen a sharp rise in the domestic market today. Its price in the Delhi bullion market has reached ₹154,000 per 10 grams, including all taxes. Meanwhile, gold futures on the Multi Commodity Exchange (MCX) rose 0.11% to ₹151,985 per 10 grams.
Latest Silver Prices
Silver prices are also seeing a sharp rise today, along with gold. Silver prices rose to ₹234,800 per kilogram in the Delhi bullion market. Silver futures on the Multi Commodity Exchange (MCX) are trading 0.15% higher at ₹231,804 per kilogram.
Gold Prices in Indian Cities
24-carat gold prices remained high in major Indian cities today. In Delhi, Lucknow, and Jaipur, the price was ₹150,040 per 10 grams. In Mumbai and Kolkata, the price was ₹149,890, while in Chennai, it was trading at a record ₹150,000 per 10 grams.
Market Analysts’ Views
According to Gaurav Garg of Lemon Markets, the weak dollar and softening US bond yields have boosted gold demand. Meanwhile, Kaynat Chenwala of Kotak Securities said that investors are awaiting the US non-farm payroll report, which is expected to provide new clues about the Federal Reserve’s interest rate outlook.
Weak Economic Data and US Policy
Weak economic data from the US market is also a major factor behind gold’s rise. A 23,000-job decline in US non-farm payrolls in July has reduced the likelihood of the Federal Reserve raising interest rates. Furthermore, President Donald Trump hopes that the war with Iran will end soon.
Impact of the Russian Sanctions Bill
The passage of the Russian Sanctions Bill in the US Senate is also a major factor contributing to the rise in gold prices. This bill could impose heavy tariffs of up to 100% on countries like India and China that purchase energy from Russia. Fears of a trade war have prompted investors to increase their purchases of gold as a safe-haven asset.