New Delhi, Aug 6 (PTI) Gold prices rose Rs 200 to Rs 99,020 per 10 grams in the national capital on Wednesday due to continuous buying by stockists, according to the All India Sarafa Association.
The precious
metal of 99.9 per cent purity had finished at Rs 98,820 per 10 grams in the previous market session.
In the national capital, gold of 99.5 per cent purity increased Rs 100 to Rs 98,600 per 10 grams (inclusive of all taxes) on Wednesday. It had closed at Rs 98,500 per 10 grams on Tuesday.
"Gold traded with a moderate positive bias on Wednesday as safe-haven demand continued to push precious metals higher," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
US President Donald Trump on Tuesday issued fresh tariff threats on pharmaceutical imports. He said the tariffs would start off small but could rise up to 250 per cent over time.
Additionally, Trump indicated that an announcement regarding tariffs on semiconductors and chips would be forthcoming.
"This tariff-related uncertainty added a risk premium on precious metals," Gandhi said.
As per Sarafa Association, silver prices climbed Rs 500 to Rs 1,12,500 per kilogram (inclusive of all taxes) on Wednesday. The white metal had ended at Rs 1,12,000 per kg in the previous market close.
Traders will monitor speeches by Federal Reserve members later in the day, which will provide further guidance on the trajectory of the bullion prices, he added.
Spot gold slipped USD 17.51 or 0.52 per cent to USD 3,363.35 per ounce in New York.
"Gold prices were weak as price as the precious metal prices in the international markets saw weak cues below USD 3,360 per ounce with dollar index showed positive rally in last few days," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
On the international front, spot silver fell 0.12 per cent to USD 37.76 per ounce.
"Trade tensions continue to escalate as President Trump has threatened to impose tariffs of up to 35 per cent on the EU, if they fail to meet their commitments.
"Meanwhile, investors are closely monitoring US trade negotiations with other countries, as any new tariffs could further weigh on the economy, driving inflation higher, and in turn, support gold prices," Abans Financial Services CEO Chintan Mehta said. PTI HG TRB
