Gold rises ₹200 to ₹99,020/10 g; silver climbs ₹500

Gold prices rose ₹200 to ₹99,020 per 10 grams in the national capital on Wednesday due to continuous buying by stockists, according to the All India Sarafa Association.

The precious metal of 99.9% purity had finished at ₹98,820 per 10 grams in the previous market session.

In the national capital, gold of 99.5% purity increased ₹100 to ₹98,600 per 10 grams (inclusive of all taxes) on Wednesday. It had closed at ₹98,500 per 10 grams on Tuesday.

"Gold traded with a moderate positive bias on Wednesday as safe-haven demand continued to push precious metals higher," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

US President Donald Trump on Tuesday issued fresh tariff threats on pharmaceutical imports. He said the tariffs would start off small but could rise up to 250% over time.

Additionally, Trump indicated that an announcement regarding tariffs on semiconductors and chips would be forthcoming.

"This tariff-related uncertainty added a risk premium on precious metals," Gandhi said.

As per the Sarafa Association, silver prices climbed ₹500 to ₹1,12,500 per kilogram (inclusive of all taxes) on Wednesday. The white metal had ended at ₹1,12,000 per kg in the previous market close.

Traders will monitor speeches by Federal Reserve members later in the day, which will provide further guidance on the trajectory of the bullion prices, he added.

Spot gold slipped $17.51 or 0.52% to $3,363.35 per ounce in New York.

"Gold prices were weak as the precious metal prices in the international markets saw weak cues below $3,360 per ounce with the dollar index showing a positive rally in the last few days," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.

On the international front, spot silver fell 0.12% to $37.76 per ounce.

"Trade tensions continue to escalate as President Trump has threatened to impose tariffs of up to 35% on the EU if they fail to meet their commitments.

"Meanwhile, investors are closely monitoring US trade negotiations with other countries, as any new tariffs could further weigh on the economy, driving inflation higher, and in turn, support gold prices," Abans Financial Services CEO Chintan Mehta said.