Gold price rise again to Rs 96450 per 10 grams, silver rose by Rs 2500

The Delhi price of gold on Tuesday increased by Rs 50 to a record high of Rs 96,450 per 10 grams. This has been confirmed by the All India Sarafa Association. Gold of the standard purity of 99.9 percent had closed down by Rs 50 at a price of Rs 96,400 per 10 grams on Monday.

The price of 99.5 percent pure gold increased by Rs 50 to Rs 96,000 per 10 grams, a new record high. It had closed the previous session at Rs 95,950 per 10 grams.

In the meantime, silver also surged by Rs 2,500 to Rs 97,500 per kg on the back of enhanced industrial demand. On Monday, the white metal closed at Rs 95,000 per kg, down by Rs 500. Globally, the international price of the precious metal jumped by $ 13.67 or 0.43 percent to $ 3,224.60 per ounce. Comex gold futures due in June also increased by 0.47 percent to $ 3,241.50 per ounce.

According to Chintan Mehta, Chief Executive Officer of Abans Financial Services, gold prices remain stable around all-time highs due to the weakening of the dollar and persistent uncertainty related to US trade policy.

Mehta said all eyes will be on the upcoming press conference of US Federal Reserve Chairman Jerome Powell on Wednesday, in which investors will want to know how the central bank will react if trade tensions escalate or economic conditions weaken. Spot silver fell marginally to $32.32 an ounce in the Asian market.

According to Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, traders are now eyeing US macro data, including the NY Empire State Manufacturing Index, to be released on Tuesday. Apart from this, market participants will also await the speeches of Federal Open Market Committee (FOMC) member Thomas Barkin and European Central Bank (ECB) President Christine Lagarde for more information. Gandhi said that however, the main focus will be on tariff-related headlines, which could affect bullion prices.