New Delhi, May 26 (IANS) The gold and silver prices continued to rise on Monday amid geopolitical uncertainties. The 24-carat gold worth 10 grams was trading close to Rs 96,000 and the price of silver crossed Rs 97,000 per kilogram.
According to latest bullion prices released by the India Bullion Jewelers Association (IBJA) in the evening, the price of 24-carat gold increased by Rs 342 to Rs 95,813 per 10 grams in the last 24 hours.
At the same time, the price of 22-carat gold went up to Rs 87,765 per 10 grams. The price of 18-carat gold increased to Rs 71,860 per 10 grams.
The price of silver also increased by Rs 488 to Rs 97,397 per kg. Spot market gold and silver prices are released twice a day by the IBJA.
Jatin Trivedi of LKP Securities said, “Gold is expected to trade between Rs 95,000 and Rs 96,500 in the coming sessions. Investors will keep a close eye on key economic data including US manufacturing and service PMI data as well as new home sales data.”
Meanwhile, gold and silver prices declined internationally. Gold prices fell 1.12 per cent to $3,355.55 an ounce and silver prices fell 0.26 per cent to $33.523 an ounce.
The reason for the decline in international gold and silver prices is believed to be the extension of the deadline by US President Donald Trump to July 9 for negotiations on a trade deal with the European Union (EU).
Since January 1, the price of 10 grams of 24-carat gold has risen from Rs 76,162 to Rs 95,813 by Rs 19,651 or 25.80 per cent. Silver prices have also risen from Rs 86,017 per kg to Rs 97,397 by Rs 11,383 or 13.23 per cent.
In the week ahead, the geo-political tensions will continue to lead safe haven buying for investors across the globe, and the rally in the yellow metal can extend towards $3,500/ounce in the international markets while MCX gold prices might move higher towards Rs 99,000/10 grams mark.
The shine in the yellow metal will be brighter in the coming weeks, said Prathamesh Mallya from Angel One.
–IANS
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