NEW DELHI, Jan 21: Gold prices rose Rs 100 to Rs 82,100 per 10 grams in the national capital on Tuesday, according to the All India Sarafa Association.
The precious metal had closed at Rs 82,000 per 10 grams on Monday.
Gold of 99.5 per cent purity increased by Rs 100 to Rs 81,700 per 10 grams. It had settled at Rs 81,600 per 10 grams in the previous trading session.
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However, silver prices traded flat at Rs 93,000 per kg on Tuesday.
Meanwhile, in futures trade on the MCX, gold contracts for February delivery appreciated Rs 426 or 0.54 per cent to trade at Rs 78,970 per 10 grams on Tuesday.
“Gold traded with gain on MCX, reaching Rs 79,000. The rise was driven by heightened trade uncertainty following Trump’s announcement of raising tariffs on imports from Mexico and Canada,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.
Silver futures for March delivery also rose Rs 188 or 0.21 per cent to Rs 91,630 per kg on the Multi Commodity Exchange (MCX).
In global markets, Comex gold futures fell USD 18.20 per ounce or 0.66 per cent to USD 2,730.50 per ounce.
According to commodities experts, gold price on Tuesday retreated after touching its highest level since November 6 during the session and currently trading at USD 2,725 area. US President Trump’s tariff commentary sparks concerns about a fresh wave of a global trade war.
They also highlighted that the bets for US Federal Reserve will cut interest rates twice this year, which is a key factor behind the recent sharp pullback in the US Treasury yields, should limit any meaningful corrective pullback for the bullion prices.
Silver Comex futures also traded 0.15 per cent lower in the Asian market hours at USD 31.10 per ounce.
“Moving forward, there is no major economic data from the US on Tuesday, however, traders’ focus remains on Trump and his next policy steps, which could provide further volatility for the bullion market,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
According to Manav Modi, Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, market participants will also keep an eye on updates from officials at Davos which could trigger volatility in market.
Further, US market resumes from a holiday, which could also provide swings in the market, Modi said. (PTI)
