NEW DELHI, Sep 2: Gold prices in India have risen for the seventh consecutive session, reaching a fresh peak of Rs 1,06,070 per 10 grams in the national capital.
The price of gold of 99.9% purity also increased by Rs 400 to hit a new record of Rs 1,05,200 per 10 grams (inclusive of all taxes). Gold prices have risen 34.35% in the current calendar year, climbing from Rs 78,950 per 10 grams on December 31, 2024.
A US appeals court upheld a decision that the White House’s reciprocal tariffs were unlawful, leading to increased uncertainty over the economic impact of US tariffs.
This development sparked increased uncertainty over the economic impact of US tariffs, which took effect in August. Any ruling against the tariffs will also force Washington to negotiate recent deals with major trading partners.
Silver prices rose Rs 100 to hit another record high of Rs 1,26,100 per kilogram (inclusive of all taxes) on Tuesday. In the past three sessions, the white metal prices rallied Rs 7,100 per kg. During this year so far, silver has outperformed gold, jumping 40.58 per cent since the level of Rs 89,700 per kilogram at the end of December 2024.
Traders said the deteriorating value of the rupee and rising geopolitical tensions have made bullion more attractive as a safe-haven asset. On Tuesday, the rupee depreciated 8 paise to close at an all-time low of 88.18 against the US dollar, as Indo-US trade deal uncertainty and weak domestic equity markets pressurised the local unit.
In the international market, spot gold prices retreated from all-time high levels to trade at USD 3,477.41 per ounce in New York.
During intraday, spot gold jumped to hit a record high of USD 3,508.54 per ounce amid concerns over the US Federal Reserve’s independence, rising expectations of interest rate cuts, and ongoing tariff-related uncertainty. (PTI)
