Gold nears ₹1 lakh-mark in Delhi on weak dollar, U.S.-China tariff war woes
The Hindu
Gold prices surge to near ₹1 lakh per 10 grams on weak dollar and trade war uncertainties, boosting demand.
Gold prices inched closer to the psychological mark of ₹1 lakh per 10 grams as the bullion rates surged ₹1,650 in the national capital on Monday on weak dollar and uncertainties over U.S.-China trade war driving demand.
According to the All India Sarafa Association, the yellow metal of 99.9% purity reached ₹99,800 per 10 grams on Monday. Its value had declined ₹20 to close at ₹98,150 per 10 grams on Friday.
Gold of 99.5% purity bounced ₹1,600 to hit a fresh peak of ₹99,300 per 10 grams in the local markets. It had fallen marginally to settle at ₹97,700 per 10 grams in the previous market close.
So far this year, the yellow metal prices have risen ₹20,850, or 26.41%, per 10 grams since December 31, last year.
Silver prices also appreciated ₹500 to ₹98,500 per kg. The white metal had traded flat at ₹98,000 per kg on Friday.
"This year, gold and silver prices have experienced significant movements due to ongoing trade tensions, rate cut expectations, geopolitical uncertainties and weakening dollar. So far, gold has soared over 25%, including a 6% gain since April 2 tariff announcement by the U.S. administration," Satish Dondapati, Fund Manager at Kotak Mahindra AMC, said.
On the Multi Commodity Exchange, gold futures for June delivery jumped ₹1,621, or 1.7%, to touch a fresh high of ₹96,875 per 10 grams.
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