New Delhi— Gold prices climbed by ₹600 to ₹1,00,770 per 10 grams in the national capital on Tuesday, buoyed by a weaker rupee and firm global cues, according to the All India Sarafa Association.
Gold of 99.9% purity closed higher from ₹1,00,170 on Monday, while 99.5% purity rose by ₹500 to ₹1,00,400 per 10 grams.
Silver prices surged by ₹3,000 to ₹1,18,000 per kg, revisiting their all-time high. The white metal had settled at ₹1,15,000 on Monday.
“Gold prices rose as investors sought safe-haven assets after US President Donald Trump’s decision to remove Federal Reserve Governor Lisa Cook, which stoked concerns about the Fed’s independence,” said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities. He added that pressure on the Fed to cut rates further bolstered gold.
The rupee depreciated 12 paise to close at 87.68 against the US dollar, weighed down by weak equities and renewed trade concerns after Washington issued a draft notice to impose an additional 25% tariff on Indian goods from August 27.
In global markets, spot gold gained 0.37% to USD 3,378.37 an ounce in New York, while silver eased 0.21% to USD 38.48.
“Dollar weakness and uncertainty over the Fed’s independence are supporting gold, while new tariff threats and the Russia-Ukraine conflict have added further caution,” said Chintan Mehta, CEO, Abans Financial Services.
He noted that central banks, especially in China and Turkey, continue to add to gold reserves, giving prices more momentum.
Investors are now watching key US macro data, including jobless claims and GDP revisions, for fresh signals on the Fed’s rate path.
