Key Points:
- Gold prices rise by ₹235, halting a four-day decline in Delhi’s bullion market, now at ₹90,685 per 10 grams.
- Silver prices jump ₹1,500, reaching ₹1,01,500 per kilogram in the national capital.
- Global uncertainties, including geopolitical tensions and tariff fears, drive demand for gold as a safe-haven asset.
- Spot gold trades at $3,024.96 per ounce globally, with futures quoted at $3,059.10 in Asian markets.
New Delhi: Gold prices rebounded on Wednesday after a four-day slump in the Delhi bullion market, rising by ₹235 to ₹90,685 per 10 grams, according to the All India Sarafa Association. This increase comes amid strong global trends and renewed retail buying following recent losses. Gold of 99.5% purity also saw a rise to ₹90,235 per 10 grams, up from its previous close of ₹90,000.
The silver market mirrored this upward trend as its price surged by ₹1,500 to ₹1,01,500 per kilogram, marking a significant recovery from Tuesday’s close of ₹1,00,000.
Global Trends Driving Gold Prices
Globally, spot gold was trading 0.16% higher at $3,024.96 per ounce, while Comex gold futures for April delivery were quoted at $3,059.10 during Asian trading hours. Analysts attribute this rise to heightened demand for safe-haven assets amid geopolitical uncertainties and tariff fears.
Geopolitical Factors at Play
Gold prices had dipped earlier this week following eased geopolitical risks after discussions between Ukraine and the U.S. on a potential peace deal with Russia. However, continued tensions in West Asia particularly Israel’s renewed attacks on Hamas in Gaza have kept demand for gold steady.
Silver’s Performance
Silver prices also saw a notable increase on Wednesday due to improved industrial demand and global trends. The price of silver rose by ₹1,500 to ₹1,01,500 per kilogram in Delhi markets. Analysts predict sustained growth in silver prices due to its high demand in industries like electronics and renewable energy.
Market Outlook
Goldman Sachs recently raised its end-of-year forecast for gold prices to $3,300 per ounce, citing stronger-than-expected central bank demand and ETF inflows amid U.S. policy uncertainty. The bank anticipates further upward pressure on gold prices if geopolitical risks persist and central banks continue their aggressive buying strategies.
The rebound in gold and silver prices reflects both domestic buying trends and global uncertainties that drive safe-haven investments. As geopolitical tensions and tariff fears loom large, analysts expect continued volatility in precious metal markets. Investors are advised to monitor global developments closely as these factors will likely influence future price movements.
