Gold Prices Reach New Heights

Gold prices experienced a significant surge, climbing Rs 500 to reach a two-month high of Rs 81,300 per 10 grams in Delhi's bullion market. This increase was fueled by active buying from jewellers and retailers, alongside a notable depreciation of the rupee, as reported by the All India Sarafa Association. The previous day's closing price stood at Rs 80,800 per 10 grams.

Silver Joins the Rally

Not to be outdone, silver prices also saw a sharp increase, jumping Rs 2,300 to Rs 94,000 per kilogram, up from Rs 91,700 the day before.

Futures Market Indicates Positive Trend

In the futures market, gold contracts for February delivery on the Multi Commodity Exchange (MCX) rose by Rs 297, or 0.38%, to Rs 79,007 per 10 grams. Similarly, silver contracts for March delivery appreciated by Rs 654, or 0.7%, reaching Rs 93,510 per kilogram.

Global Factors Influencing the Surge

On a global scale, Comex gold futures increased by $19.70 per ounce, or 0.72%, to $2,737.50 per ounce. Analysts attribute this rise to softer-than-expected US core CPI data, which has heightened expectations for further Federal Reserve rate cuts.

Optimistic Outlook for Gold

Renisha Chainani, Head of Research at Augmont, expressed a bullish outlook for gold, citing potential economic policies under the future Trump administration, such as tax cuts and higher tariffs, as factors that could drive prices higher. Saumil Gandhi of HDFC Securities highlighted the importance of upcoming US macroeconomic data in providing further direction for bullion prices.