Gold prices surged by Rs 650 to Rs 1,66,060 per 10 grams in the national capital on Friday, according to the All India Sarafa Association. The precious metal had closed at Rs 1,65,410 per 10 grams in the previous session.
Silver Prices Also Rise
Silver also witnessed a sharp uptick, jumping Rs 1,200 to Rs 19,500 per kilogram. It had settled at Rs 18,300 per kg in the previous trade.
Global Market Influence
The rise in domestic gold prices was in line with the positive trend in global markets. On the international front, gold was trading higher at USD 1,935 per ounce, while silver was up at USD 23.50 per ounce.
Analysts attributed the rally to a weaker dollar and safe-haven buying amid geopolitical tensions. Market participants are also awaiting the US Federal Reserve's policy meeting for further cues on interest rates.
In Delhi, the gold of 99.9% purity rose by Rs 650 to Rs 1,66,060 per 10 grams, while gold of 99.5% purity gained Rs 640 to Rs 1,65,310 per 10 grams.
Sovereign gold remained unchanged at Rs 1,35,200 per piece of 8 grams.
The rise in gold prices comes after a period of consolidation, and experts believe that the yellow metal may continue to see upward momentum in the near term.
