Gold prices climbed ₹3,500 to ₹1,28,900 per 10 grams in the national capital on Tuesday amid fresh buying by local jewellers and retailers for the wedding festivities, according to the All India Sarafa Association.
Gold Climbs to ₹1.28 Lakh/10g in Delhi on Festive Demand
Silver prices also witnessed buying interest in tandem with gold. The white metal soared by ₹5,800 to ₹1,60,800 per kilogram (inclusive of all taxes)
Gold climbs to Rs 1.28 lakh/10g
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Snapping its three-day losing streak, the precious metal of 99.5% purity appreciated by ₹ 3,500 to ₹1,28,300 per 10 grams (inclusive of all taxes).
Silver prices also witnessed buying interest in tandem with gold. The white metal soared by ₹5,800 to ₹1,60,800 per kilogram (inclusive of all taxes).
Traders said demand from local jeweller businesses has picked up for the wedding season.
A weak US dollar against major currencies also boosts the demand for the safe-haven asset.
"Gold prices advanced on Tuesday, buoyed by a softer US dollar and surging December rate-cut expectations, following dovish remarks from Federal Reserve officials," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
In the overseas market, spot gold was trading 0.09% lower at $4,131.09 per ounce in New York, while spot silver fell 0.40% at $51.15 per ounce.
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