Gold prices in New Delhi remained steady at Rs 64,200 per 10 grams on Monday, mirroring the bullish global trend, as reported by HDFC Securities. Conversely, silver prices saw a dip of Rs 200 to Rs 73,800 per kg from the previous session’s Rs 74,000 per kg.
Saumil Gandhi, a commodities analyst at HDFC Securities, noted that spot gold prices in Delhi were unchanged at Rs 64,200 per 10 grams. Meanwhile, in the international market, spot gold at Comex was trading at USD 2,084 per ounce, showing a slight increase of USD 2 from the previous closing.
Gandhi pointed out that gold prices saw a strong performance on Monday following a nine-week high on Friday. Weakness in US macroeconomic data led to a decline in the dollar and Treasury yields, boosting the attractiveness of gold as an investment.
On the other hand, silver prices were lower at USD 23.09 per ounce, compared to USD 23.12 per ounce in the previous session. Analysts anticipate a positive price outlook for gold, supported by the expectation of lower Nonfarm Payroll data compared to the previous month.
Looking forward, market volatility could increase surrounding Federal Reserve Chair Jerome Powell’s upcoming testimony, scheduled for March 6-7, which may have an impact on gold prices, noted Jateen Trivedi, VP Research Analyst at LKP Securities.
Additional Insight:
– Gold and silver prices are influenced by various factors including global economic conditions, geopolitical events, and currency movements.
– Traders and investors closely monitor central bank policies and economic data releases for potential impacts on precious metal prices.
– In times of uncertainty and market volatility, gold is often seen as a safe-haven asset, attracting investors seeking stability and wealth preservation.
