Gold Moves Up to Rs 1.6 Lakh, Silver Rs 3.35 Lakh
The movement was much higher than the gains in the COMEX
Chennai: Gold and silver prices continued to rise on Tuesday with the yellow metal gaining Rs 7500 to touch Rs 1.6 lakh per 10 gm and silver by Rs 12,000 to jump at Rs 3.35 lakh per kg. In the international market gold crossed $4800 as geo-political tensions heightened and investors stayed away from government bonds.
In the New Delhi spot market, gold touched Rs 1,60,000 per 10 gm moving up from Rs 1,52,500 in the previous session. Silver was trading at Rs 3,35,000 per kg, up from Rs 3,23,000 on Monday.
As the MCX bullion prices recorded a sharp premium expansion versus landing cost, gold surged more than 3.38 per cent in one session to Rs 1,58,339 per 10 gm and silver moved up to Rs 3,35,521 during the intraday trading. The movement was much higher than the gains in the COMEX.
In the international market, gold crossed $4800 per ounce and saw an intraday high of $4885 per ounce. Silver was trading around record high levels of $94.50 an ounce.
Geo-political tensions surrounding Greenland boosted safe-haven demand. President Trump’s firm stance on acquiring the island and threats of higher tariffs on European nations heightened global uncertainty.
Concerns were further amplified by turmoil in Japanese government bonds, raising alarms over fiscal stability in major economies and strengthening the debasement trade narrative. Speculations that Europe could use its significant holdings of US financial assets as leverage intensified. As investors moved away from currencies and sovereign debt, gold benefited from its defensive appeal. Market participants now await the US Personal Consumption Expenditure inflation report for signals on the Federal Reserve’s policy outlook.
In the case of silver, strong retail buying from China, India, and the Middle East continued to tighten the silver market, reinforcing bullish sentiment despite minor price pullbacks. end