Gold Hits Two-Month High Of ₹1.57 Lakh Per 10 Grams As Bullion Rally Defies Oil Price Surge
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Gold rose for the sixth consecutive session, gaining Rs 1,200 to reach a two‑month peak of Rs 1.57 lakh per 10 grams in the national capital on Tuesday, driven by robust investment buying that kept bullion buoyant even as oil prices held steady.
Key Takeaways
- Gold rose for a sixth straight session, gaining Rs 1,200 to hit a two-month peak of Rs 1,57,200 per 10 grams in Delhi.
- The metal has added Rs 9,800 (6.65%) over six sessions, rising from Rs 1,47,400 on August 3.
- Robust investment buying kept bullion strong even as oil prices held steady.
- Silver rallied alongside gold, riding the same investment-driven momentum.
The 99.9‑% pure yellow metal surged Rs 1,200 to Rs 1,57,200 per 10 grams (taxes included), up from Monday’s close of Rs 1,56,000, the All India Sarafa Association reported.
It had last traded near these levels on June 12, when it was quoted at Rs 1,56,900 per 10 grams.
Bullion momentum persists
The precious metal added Rs 9,800, or 6.65 per cent, over the past six trading sessions, rising from Rs 1,47,400 per 10 grams recorded on August 3.
Silver is also riding the same wave, soaring by Rs 2,000 to Rs 2,42,000 per kilogram (inclusive of all taxes), taking the white metal to its highest level in more than two months.
It was last seen trading around this level on April 30, when it was quoted at Rs 2,42,700 per kg.
“Gold extended its rally for a sixth consecutive session, climbing to its highest level in more than two months as investors increased safe-haven buying ahead of the US inflation data, which could provide fresh clues on the Federal Reserve’s interest-rate outlook,” Gaurav Garg, Head of Research at Lemonn Markets Desk, said.
“Silver also traded higher, supported by both industrial demand and positive investor sentiment,” he added.
Global prices ease
In the global markets, spot gold was trading 0.38 per cent lower at USD 4,373.43 per ounce, while silver dropped nearly 1.3 per cent to USD 64.90 per ounce.
Gold’s early attempt to push higher in global markets also faded.
“Spot prices rose as high as USD 4,435 per ounce before giving up gains as crude oil rates advanced,” said Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.
Crude oil prices rose further as the stalemate over the Strait of Hormuz persisted, adding another layer of uncertainty for investors.
Meanwhile, Iran claimed the US was preparing for a military operation and said the IRGC had been ordered to remain prepared.
US Inflation Data In Focus
For bullion traders, the next test is the US inflation report.
“The US July consumer price report due on Wednesday, followed by producer price numbers scheduled for Thursday, will offer fresh signals on the Federal Reserve’s monetary policy outlook,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
