New Delhi: Gold and Silver prices recorded a sharp surge on Monday, 23 February. The 24-carat gold reached Rs 1,60,270 per 10 grams, while the white metal traded at Rs 2,68,970 per kilogram. On MCX, both the precious metals soared.
The price of 24-carat gold was recorded at Rs 16,027 per gram and Rs 1,60,270 per 10 grams. The 22-carat gold is available at Rs 1,46,914 per 10 grams.
The price of Silver 999 Fine touched Rs 2,68,970 per kilogram. It closed at Rs 2,53,270, marking a 6.20 percent increase today.
On MCX, gold was trading with a gain of about 1.90 percent at Rs 1,59,851 per 10 grams. Silver on MCX stood at Rs 2,67,669 per kilogram, with an increase of 5.82 percent. Strong fluctuations were also seen between the high and low levels, indicating heavy buying in the market.
Speaking to News9, Amit GuptaResearch Analyst at Kedia Advisory, said Gold advanced to a fresh monthly high near $5,175, extending its uptrend for the fourth consecutive session amid escalating trade-war concerns and rising geopolitical tensions in the Middle East. Safe-haven demand strengthened after Donald Trump announced a new 15% global levy on imports following a Supreme Court ruling against earlier sweeping tariffs, heightening fears of retaliation and supply-chain disruptions.
The expert further said that US inflation data showed the PCE Price Index rising 2.9% YoY in December, with the core gauge at 3.0%, reinforcing expectations that the Federal Reserve may refrain from cutting rates in March. However, traders still anticipate two 25-bps cuts later this year. A weaker Q4 GDP print of 1.4%, sharply down from 4.4% in Q3, pressured the US Dollar and further supported bullion.
Gold holding above $5,120 appears firm to test $5,180, followed by $5,220, while immediate support is placed at $5,080, he added.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)
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