Gold prices in the national capital moved up by ₹2,000 to touch ₹1,58,800 per 10 grams on Tuesday, marking a second consecutive session of gains. According to the All India Sarafa Association, the price increase was supported by heightened buying activity from local retailers and stockists.
The price for 99.9 purity gold moved up from Monday's closing level of ₹1,56,800 per 10 grams. Silver prices also saw an upward movement, advancing by ₹730 to reach ₹2,40,730 per kilogram, inclusive of all taxes. Prior to this increase, silver prices had remained flat at ₹2,40,000 per kg for two consecutive sessions.
In global markets, spot gold was recorded 0.5 per cent lower at $4,394.57 per ounce, while silver dropped by a little over 1 per cent to $65.08 per ounce.
According to Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, gold hovered around $4,392 per ounce as crude oil prices rebounded following supply concerns in West Asia. Oil prices rose after the expiration of a 60-day US-Iran ceasefire on Monday, with neither side willing to extend the period. US President Donald Trump stated that Washington maintained an edge through an ongoing naval blockade, while Iran directed its military to remain steady.
Despite downward pressure on spot prices globally, global investment trends provided support. Total known gold-backed exchange-traded fund holdings increased on Monday to reach 97.39 million ounces.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that spot silver eased toward $65 per ounce due to firm US Treasury yields and profit-taking. However, Chainwala added that the broader market backdrop remains constructive for bullion, supported by softer Federal Reserve rate expectations, steady investment demand, and sustained central bank buying led by China.
Market attention is now directed toward the minutes of the Federal Open Market Committee's July meeting to gain further insight into the US monetary policy outlook. Analysts note that gold and silver may experience continued short-term volatility as the policy path awaits additional clarity, notably from the Jackson Hole Symposium.
"The recent movement in bullion prices highlights how local demand dynamics and macroeconomic factors interact in commodity markets. While global spot prices face pressures from Treasury yields and currency movements, regional buying and geopolitical developments in West Asia continue to influence domestic pricing. Businesses and investors monitoring these sectors should maintain a cautious approach amid ongoing policy uncertainties and potential near-term market volatility." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
