SRINAGAR: Gold prices rose by Rs 2,200 to Rs 1,60,700 per 10 grams in the national capital on Tuesday, even as silver prices declined sharply by Rs 7,500 to Rs 2,64,500 per kilogram amid a firm US dollar, according to the All India Sarafa Association.
Gold of 99.9 per cent purity gained 1.4 per cent from the previous closing level of Rs 1,58,500 per 10 grams, marking the second consecutive session of gains supported by continued buying from jewellers and investors.
In contrast, silver prices fell nearly 3 per cent, dropping from Rs 2,72,000 per kg in the previous session to Rs 2,64,500 per kg (inclusive of all taxes).
Market analysts said bullion prices are currently moving within a consolidation phase, with traders awaiting fresh macroeconomic indicators. Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, said gold registered modest gains as investors awaited new economic cues.
In the international market, spot silver declined by USD 1.13, or 1.37 per cent, to USD 82.16 per ounce, while gold was trading slightly lower at USD 5,052.43 per ounce.
Analysts noted that investors are closely watching upcoming US economic data, including retail sales, unemployment figures and nonfarm payrolls, which are expected to influence the Federal Reserve’s policy outlook and drive short-term bullion price movements.
