Gold prices surged by ₹2,400 to ₹99,750 per 10 grams in the national capital on Tuesday due to persistent buying by jewellers and stocks, according to the All India Sarafa Association.
On Monday, the precious metal of 99.9 per cent purity had ended at ₹97,350 per 10 grams.
In Calcutta, the price of pure gold rise by ₹3,100 to ₹97,500 from ₹94,400 on Monday.
Extending the gains for the third straight day, gold of 99.5 per cent purity (hallmark gold) jumped ₹2,400 to ₹99,300 per 10 grams on Tuesday. It had closed at ₹96,900 per 10 grams in the previous close.
“Gold prices edged higher as safe-haven demand returned following President Donald Trump’s announcement of fresh tariff plans.
“The proposed measures include duties on pharmaceutical imports and a steep 100 per cent tariff on movies produced outside the US — a move that stoked concerns over renewed trade tensions and their potential impact on global growth,” Abans Financial Services’ chief executive officer Chintan Mehta said.
According to the Sarafa Association, silver prices also climbed ₹1,800 to ₹98,500 per kg.
According to experts, market participants will focus on Wednesday’s outcome of the US Federal Reserve’s FOMC (Federal Open Market Committee) policy meeting and Fed Chair Jerome Powell’s commentary on growth and inflation.
