SRINAGAR: Gold prices surged by Rs 1,500 to reach Rs 1,27,300 per 10 grams in the national capital, driven by strong gains in international markets, according to the All India Sarafa Association.
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Gold of 99.5 per cent purity rose to Rs 1,26,700 per 10 grams, inclusive of all taxes. Silver also rebounded sharply, climbing Rs 4,000 to Rs 1,60,000 per kilogram, ending a three-day losing streak in the domestic bullion market.
Analysts attributed the rally to renewed safe-haven demand and weaker-than-expected US labour market data, which intensified speculation over a potential interest rate cut. “Gold advanced on Wednesday, supported by safe-haven demand, while persistent weakness in the US labour market kept rate-cut expectations alive,” said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities as reported by NDTV.
Globally, spot gold extended gains for a second consecutive session, rising USD 46.32, or 1.14 per cent, to USD 4,114.01 per ounce. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, noted that markets awaited the release of the Federal Open Market Committee (FOMC) minutes from October’s meeting.
Kotak Securities’ Kaynat Chainwala observed that gold recovered from a one-week low to settle above USD 4,065 per ounce, supported by softer US employment data and caution ahead of delayed macroeconomic releases.
In the United States, jobless claims rose in mid-October, with continuing claims increasing to 1.9 million, indicating a cooling labour market. Federal Reserve officials offered mixed signals, with Thomas Barkin highlighting balanced risks between inflation and employment, while Christopher Waller adopted a dovish stance, citing weakening labour conditions.
Meanwhile, spot silver gained 3.09 per cent to USD 52.26 per ounce in overseas trade.