Gold and Silver Prices Update
Gold prices remained steady at Rs 72,350 per 10 grams in the local market, while silver prices saw a slight increase of Rs 200 per kg on Monday, as reported by HDFC Securities.
Silver prices climbed to Rs 90,300 per kg from the previous close of Rs 90,100 per kg. Saumil Gandhi, Research Analyst at HDFC Securities, noted that spot gold prices (24 carats) in Delhi markets were unchanged at Rs 72,350 per 10 grams.
Insight on Gold and Silver Trends
On the global front, spot gold at Comex was trading at USD 2,327 per ounce, showing a marginal increase of USD 1 from the previous close. Gold prices were noted to be moving in a narrow range above the USD 2,320 level during the European trading session, reflecting a lack of clear direction.
Gandhi commented that traders seemed hesitant to make aggressive bets due to uncertainties surrounding the US Federal Reserve’s interest rate-cutting plan, leading to a subdued and range-bound price activity for gold.
Meanwhile, silver prices also saw a slight uptick at USD 29.15 per ounce, compared to the previous session’s close at USD 29.13 per ounce. Pranav Mer, Vice President at JM Financial Services, highlighted that momentum in bullion appeared consolidative ahead of key events such as Fed Chair Jerome Powell’s speech, the release of the minutes from the Fed’s last meeting, and the US Nonfarm Payroll data later in the week.
Market Expectations and Geopolitical Factors
Market experts anticipate that investors will closely watch for US macro data, including the ISM Purchasing Managers Index (PMI) for June, to gain further insights into the direction of bullion prices. Additionally, ongoing geopolitical tensions and uncertainty following the first round of France’s parliamentary elections could potentially support safe-haven assets and put pressure on the US Dollar.
The upcoming events and data releases are likely to provide more clarity on the outlook for both gold and silver prices in the near term.
