Gold Prices Surge in New Delhi Amid Global Trends
On January 2, gold prices in New Delhi soared by Rs 1,100, reaching Rs 1,39,440 per 10 grams. This significant increase was driven by strong performance in international markets, as reported by market experts.
Simultaneously, silver prices also experienced a notable surge, rising by Rs 4,000 to Rs 2,41,400 per kilogram, inclusive of all taxes.
Global Market Movement
Internationally, spot gold saw a robust uptick of USD 67.47, representing a 1.56% increase, reaching USD 4,392.94 per ounce. The current trading price for spot gold stands at USD 4,390, marking a gain of over 1%. Market analysts attribute this movement to potential rate cuts by the US Federal Reserve and a positive outlook for the precious metal. Praveen Singh, the Head of Commodities at Mirae Asset ShareKhan, highlighted these factors as key drivers for the recent surge.
Future Projections
Looking ahead, Singh predicts that gold will maintain a trading range between USD 4,250-4,335 per ounce in the near term. This forecast comes ahead of the release of crucial US reports, including the ISM manufacturing, ISM non-manufacturing, and non-farm payroll reports scheduled for the following week.
