Silver prices also jumped by Rs 500 to Rs 85,700 per kilogram. In the previous trade, it ended at Rs 85,200 per kilogram.
“Spot prices of gold (24 carat) in Delhi markets are trading at Rs 73,050 per 10 grams, up by Rs 300, taking into account positive signals from overseas markets,” Saumil Gandhi said, Senior Commodity Analyst at HDFC Securities.
In international markets, Comex spot gold was trading at USD 2,355 per ounce, up USD 12 from the previous close.
Gold resumed trading on a positive note, mainly driven by safe-haven buying following the escalation of conflict between Iran and Israel over the weekend.
The Iranian attack on Israel has reduced investors’ appetite for risky assets and increased demand for safe-haven assets like bullion, Gandhi said. Additionally, silver prices were trading higher at USD 28.25 per ounce. In the previous session, it finished at USD 27.84 per ounce. Recent US inflation data has reduced the possibility of a June interest rate cut by the US Federal Reserve, according to market analysts.
However, it will be essential to monitor the geopolitical landscape and determine whether other countries will choose to intervene, in a way that escalates the crisis.
“The focus will be on the European Union IIP (Index of Industrial Production) and US retail sales data to be released on Monday, which will provide clearer guidance on commodity prices. bullion,” said Navneet Damani, senior vice president of commodities research at Motilal Oswal Financial Services. .
