New Delhi, Nov 26: Gold prices jumped Rs 1,200 on Wednesday, reaching near a two-week high of Rs 1,30,100 per 10 grams in Delhi, tracking a rally in international markets, according to the All India Sarafa Association.
The 99.5 per cent purity variant also gained Rs 1,200 to close at Rs 1,29,500 per 10 grams, inclusive of all taxes. On November 13, gold of 99.9 per cent and 99.5 per cent had closed at Rs 1,30,900 and Rs 1,30,300 per 10 grams, respectively.
“Gold extended its gains amid growing optimism over potential Federal Reserve rate cuts,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said. He added that softer US macroeconomic data had strengthened expectations of a rate cut next month following recent dovish comments from two Fed officials.
Silver also rose for a second straight day, climbing Rs 2,300 to Rs 1,63,100 per kilogram. In overseas trade, spot gold advanced 0.81 per cent to USD 4,164.30 per ounce, while spot silver gained 1.71 per cent to USD 52.37 per ounce.
“Gold advanced ahead of US macroeconomic data, as Fed Governors indicated growing support for additional rate cuts,” Kaynat Chainwala, AVP Commodity Research at Kotak Securities, said. Praveen Singh, AVP at Mirae Asset Sharekhan, noted that expectations of Kevin Hassett as the next Federal Reserve chair, aligned with President Trump’s low-rate vision, may further fuel rate-cut sentiment.
Renisha Chainani, Head – Research at Augmont, added, “While expectations of a Russia-Ukraine peace deal limit upside, the path of least resistance for gold remains upward.”
