Gold & Silver Prices Hit New Highs Due to Global Market Volatility and Rate Hike Fears: SRINAGAR: Gold prices jumped by Rs 580 on Monday to reach Rs 97,030 per 10 grams in the national capital, buoyed by strong global trends and increased investor interest, according to the All India Sarafa Association. This marks a sharp increase from Friday’s close of Rs 96,450 for gold of 99.9 per cent purity.
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Gold of 99.5 per cent purity also saw a similar rise, climbing to Rs 96,580 per 10 grams from Rs 96,000 in the previous session, media reports stated.
Silver prices followed suit, registering a gain of Rs 500 to settle at Rs 98,500 per kilogram, compared to Rs 98,000 on the last trading day.
On the Multi Commodity Exchange (MCX), the most actively traded gold futures contract rose by Rs 1,182 or 1.28 per cent, reaching Rs 93,623 per 10 grams. Silver futures for July delivery surged Rs 662 to trade at Rs 95,980 per kilogram.In the international market, spot gold advanced by USD 39.05 or 1.22 per cent, to USD 3,241.82 per ounce, media reports said. Analysts attributed the rally to investors seeking safe-haven assets amid persistent global uncertainties and speculation surrounding U.S. monetary policy.
Investors are reportedly awaiting key U.S. economic indicators this week, including manufacturing and services PMI data as well as housing figures, which are expected to influence the Federal Reserve’s future interest rate decisions.
According to Goldman Sachs, gold prices could climb to USD 3,700 per ounce by the end of 2025, with a potential to reach USD 3,880 in case of a global recession, as central banks and institutional investors continue to expand their gold reserves.kashmir life.