New Delhi, June 4: The price of gold rose by Rs 70 to Rs 99,000 per 10 grams in the national capital on Tuesday due to a fall in the rupee, according to the All India Sarafa Association.
The precious metal of 99.5 percent purity rose by Rs 200 to Rs 98,600 per 10 grams (inclusive of all taxes).
The price of silver rose by Rs 100 to Rs 1,00,200 per kg (inclusive of all taxes) on Tuesday.
The rupee on Tuesday closed 21 paise lower at 85.60 (provisional) against the US dollar due to strength in the American currency and outflow of foreign funds.
Meanwhile, spot gold fell by $25.22 an ounce, or 0.75 percent, to $3,356.41 an ounce in the global markets.
Pranav Meer, EBG vice president, commodity and currency research at JM Financial Services, said, “Gold prices are trading lower due to profit-booking, but the underlying bias remains positive amid broad weakness in the US dollar, escalation in the Russia-Ukraine war, rising economic uncertainty due to the US-led tariff war and increased safe-haven demand.”
Saumil Gandhi, senior analyst, commodities at HDFC Securities, said traders are now expecting US macroeconomic data, such as Jolt’s job openings data, along with speeches from key Federal Open Market Committee (FOMC) members, to impact bullion prices.
