NEW DELHI: After four consecutive sessions of losses, gold prices rebounded by Rs235 to Rs90,685 per 10 grams on Wednesday, tracking firm global trends, according to the All India Sarafa Association.
On Tuesday, gold of 99.9 per cent purity had settled at Rs90,450 per 10 grams. Gold of 99.5 per cent purity also gained Rs235, reaching Rs90,235 per 10 grams from the previous close of Rs90,000 per 10 grams.
Traders attributed the recovery to fresh buying by retailers following recent declines. Positive global cues further bolstered sentiment.
Silver prices also rebounded, rising by Rs1,500 to Rs1,01,500 per kg after closing at Rs1,00,000 per kg on Tuesday.
In global markets, spot gold was trading 0.16 per cent higher at $3,024.96 per ounce, while Comex gold futures for April delivery advanced to $3,059.10 per ounce during Asian market hours.
“Gold edged higher on Wednesday, supported by safe-haven demand and inflows into gold-backed Exchange Traded Funds (ETFs). Uncertainty surrounding US President Donald Trump’s reciprocal tariff decision on April 2 remains a key factor underpinning demand for the metal,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, noted that market participants are awaiting key macroeconomic data, including US GDP and the Core Personal Consumption Expenditures (PCE) Price Index, due later this week.
“The broader trend will also be shaped by developments in the Russia-Ukraine situation, which continues to drive safe-haven demand,” he added.
Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said investors will be closely watching statements from Federal Open Market Committee (FOMC) members for guidance on interest rate direction and its impact on bullion prices.
