New Delhi: Gold prices today in India jumped Rs 500 per 10 gm to Rs 72,850 per 10 gm as investors turned cautious ahead of the US CPI inflation data release. Indian indices closed lower on Tuesday, with the Sensex down 692.89 and the Nifty losing 208 points. Strong domestic demand also supported gold prices on Tuesday. Yellow metal rates closed at Rs 72,350 per 10 gm on Monday.
Comex gold rates stood at $2,502.70 per ounce while gold spot prices were down 0.34 per cent to $2,464.50 per ounce, according to Bloomberg data.
Why gold prices are rising
Gold prices rose on expectations of geopolitical unrest in the Middle East with Itan expected to stroke Israel this week, according to media reports, said HDFC Securities’ senior commodities analyst Saumil Gandhi.
Another contributor to the popularity of gold and the resultant price rise is the decline in US Treasury bond yields. The 10-year US Treasuries witnessed a 4 basis points decline on Tuesday. ICICI Direct Research in its daily commentary stated that international gold prices are likely to rise further to $2,500 levels owing to a weaker US dollar and lower Treasury yields. ICICI Direct expects MCX Gold October futures to rise to Rs 71,400 per 10 gm levels. As for silver prices, these are likely to approach the Rs 82,500 per kg mark, according to ICICI Direct.
Gold price today in India: Yellow metal rates jumped Rs 500 per 10 gm in India in Tuesday led by geopolitical uncertainties and in anticipation if the US CPI inflation print for July. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
