Gold Prices Surge Amid Global Uncertainty; Silver Follows Uptrend”: SRINAGAR: Gold prices rose sharply by Rs 1,080 to Rs 96,800 per 10 grams in the national capital, supported by renewed demand from jewellers and a positive trend in international markets, media reports said, citing the All India Sarafa Association.
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The rebound follows a steep fall in the previous session when gold of 99.9 per cent purity had plunged Rs 2,830 to Rs 95,720 per 10 grams. On Friday, gold of 99.5 per cent purity also edged up Rs 180 to Rs 96,350 per 10 grams after falling Rs 1,930 in the prior session.
Silver prices mirrored gold’s trajectory, climbing Rs 1,600 to Rs 97,100 per kilogram. The white metal had slipped Rs 2,500 to Rs 95,500 per kg on Thursday. Markets had remained closed during the morning session on Thursday due to International Labour Day, before reopening in the evening.
Traders attributed Friday’s surge in gold prices to local buying interest and gains in the global market, where spot gold rose USD 23.10, or 0.71 per cent, to USD 3,262.30 per ounce. Spot silver also increased 0.23 per cent to USD 32.49 per ounce.
“Gold prices rebounded strongly with sentiment stabilising amid persistent ambiguity over US-led trade deals,” said Jateen Trivedi, Vice President and Research Analyst, Commodity and Currency at LKP Securities. He noted that uncertainty over US trade negotiations prompted market participants to unwind short positions, giving gold prices upward momentum.Experts also pointed to safe-haven interest returning to the bullion market. Investors are now eyeing the US Nonfarm Payrolls (NFP) data expected later in the day, which is likely to influence the next movement in gold prices, media reports added.kashmir life.