Gold prices surge to ₹1,41,500 per 10 gm in Delhi on firm global cues; silver soars ₹7,000 per kg

Soaring for the fourth consecutive session, gold prices (24K, 99.9% purity) on Tuesday, January 6, jumped ₹1,100 to ₹1,41,500 per 10 gram in Delhi on firm global cues. On Monday, the precious metal closed at ₹1,40,400 per 10 grams.

Gold prices in the national capital increased by ₹1,100 to Rs 1,41,500 per 10 grams, according to the All India Sarafa Association.

The yellow metal extended its gains due to rising geopolitical tensions following the US’ actions against Venezuela, along with a weak dollar and moderate signals from the US Federal Reserve officials hinting towards potential interest-rate cuts in the coming months. 

Meanwhile, silver prices surged in the bullion market as well, rising for the third straight day by surging ₹7,000 to ₹2,51,000 per kg against the previous close of ₹2,44,000 per kg. 

In the overseas markets, spot gold increased by $11.45 (0.26%) to $4,460.49 per ounce. 

"Spot gold is trading with a gain at around $4,460 per ounce, driven by the geopolitical risk escalation as the US captured and removed the Venezuelan leader Nicolas Maduro," a PTI report quoted Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, as saying.

Spot silver also advanced in the overseas trade, rising by $1.75, or 2.28%, to $78.36 per ounce.

“Bullion prices are hovering close to record highs in the international markets and could scale fresh peaks if global geopolitical tensions intensify further or incoming US data bolsters expectations that the Federal Reserve may need to ease monetary policy more forcefully than currently priced,” the PTI report quoted Renisha Chainani, Head - Research at Augmont, as saying.