New Delhi: Silver prices climbed more than 6 per cent to Rs 2.72 lakh per kilogram in the national capital on Monday, while gold rose nearly 1 per cent to Rs 1.58 lakh per 10 grams, driven by firm global trends and a weaker US dollar.
According to local marketmen, the white metal climbed Rs 17,000, or 6.66 per cent to Rs 2,72,000 per kilogram (inclusive of all taxes), from Friday’s closing level of Rs 2,55,000 per kg.
In addition, gold of 99.9 per cent purity increased Rs 1,300, or 0.83 per cent to Rs 1,58,500 per 10 grams (inclusive of all taxes). It had closed at Rs 1,57,200 per 10 grams in the previous session.
“Gold traded higher on Monday, supported by a pullback in the US dollar and bargain buying. The dollar index is trading lower by almost 0.30 per cent at 97 level, offering support to bullion prices,” Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities — said.
He added that broader global macro uncertainty and President Donald Trump’s frequent and unpredictable rhetoric on geopolitical and tariff-related issues underpin safe-haven demand for precious metals.
In the international market, spot silver gained USD 2.19, or 2.81 per cent, to USD 80.21 per ounce, while gold was trading 1 per cent higher at USD 5,012.94 per ounce.
“The metals recovered after last week’s sharp swings, as traders positioned ahead of macro data and policy cues.
“Silver remained more volatile, reflecting speculative flows and short-term profit-booking. Domestic buying interest and international cues lifted prices, while profit-taking was seen near intra-day highs,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
Gandhi of HDFC Securities said investors’ sentiment in precious metals was further boosted by weekend data from China showing that the People’s Bank of China extended its gold-buying streak for a 15th consecutive month in January, despite elevated prices.
On the data front, traders are awaiting the release of the closely watched US monthly jobs data (nonfarm payrolls and unemployment rate), due to release on Wednesday.
In addition, US inflation data for consumers scheduled on Friday will be closely monitored; both data reports are likely to play a key role in shaping dollar’s direction and providing fresh cues for precious metals, Gandhi added.
