Gold prices surged Rs 3,000 to Rs 1,30,900 per 10 grams in Delhi on November 13, tracking firm global cues and weak dollar, according to the All India Sarafa Association.
Traders said the end of US government’s shutdown also supported the appeal of the safe-haven asset.
The precious metal of 99.5 per cent purity extended its gains for the third straight day, jumping Rs 3,000 to Rs 1,30,300 per 10 grams (inclusive of all taxes) from Wednesday’s closing of Rs 1,27,300 per 10 grams.
In the local bullion market, gold of 99.9 per cent purity had closed at Rs 1,27,900 per 10 grams in the previous market session.
Silver prices skyrocketed Rs 7,700 to Rs 1,69,000 per kilogram (inclusive of all taxes) on Thursday. The white metal had settled at Rs 1,61,300 per kg, up Rs 5,540 on Wednesday. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.20 per cent lower at 99.30, after the Trump administration passed the bill to end a 43-day record government shutdown, lending support to the bullion prices. In the international markets, spot gold rose $41.19, or 0.98 per cent, to $4,236.84 an ounce.
“Bullion extended its gains on Thursday, supported by a soft US dollar and growing expectations for more rate cuts following weaker macroeconomic data from the world’s largest economy.” “Additionally, the Federal Reserve is likely to inject more money into the system to address a partial liquidity drain caused by the shutdown, which also impacted positively precious metals,” Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities, said.
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