Gold price rises by Rs 500 to Rs 72,850 per 10 gm, silver remains flat | commodities

Traders attributed the rise in gold prices to rising demand from retail buyers as well as jewellers.

In the overseas market, gold traded at $2,502.70 an ounce, up $1.30 an ounce.

“Gold gains on Tuesday as demand for safe-haven assets continued to support the precious metal’s gains.

“Additionally, there have been concerns that Iran could strike Israel as early as this week, they have increased the premium for safe gold,” said Saumil Gandhi, senior analyst, commodities at HDFC Securities.

According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, Comex gold rose 1.2% to an all-time high of $2,504 an ounce on Monday, driven by escalating tensions in the Middle East, a drop in US Treasury yields. , and expectations for a US Federal Reserve interest rate cut at its September 18 meeting.

However, silver traded lower at $27.81 an ounce on international markets.

“Gold prices consolidate previous session’s gains amid caution ahead of key US inflation data that could set the tone for the Fed’s policy meeting early next month,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services, he said.

Bullion also remains supported by higher safe haven offers amid signs of escalating Russia-Ukraine conflict, Mer added.

First publication: August 13, 2024 | 17:18 IST