Gold rebounds INR 1,200 to INR 1.44 lakh/10g in Delhi
Gold prices snapped a four-day losing streak and climbed INR 1,200 to INR 1.44 lakh per 10 grams in the national capital on Tuesday, while silver remained flat at INR 2.30 lakh per kilogram, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at INR 1,43,600 per 10 grams (inclusive of all taxes) on Monday.Traders attributed the rebound in domestic gold prices to a recovery in global commodity markets and some buying at lower levels after recent sharp declines.
In the international markets, spot gold rebounded after nine sessions of losses, rising $16.96, or 0.38 per cent, to $4,423.83 per ounce, while silver was trading 1.03 per cent higher at $69.86 per ounce.
“Spot gold, after falling for nine straight days, is trading steady at around $4,420 per ounce in the overseas trade on cautious optimism about the Iran war as the US President Donald Trump declared
a five-day ceasefire on strikes against energy installations in Iran,” Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said. However, he added that doubts linger over the effectiveness of the ceasefire, keeping investors’ sentiment cautious.Analysts said the mixed signals on the geopolitical front are likely to keep bullion prices volatile in the near term.
