Silver prices rose Rs 1,000 to Rs 83,500 per kg from Rs 82,500 per kg at the previous close.
Meanwhile, gold with 99.5 per cent purity also rose by Rs 200 to Rs 72,000 per 10 grams. In the previous trade, it had closed at Rs 71,800 per 10 grams on Saturday.
Traders attributed the rise in gold prices to increased demand from local jewellers and a strong trend in overseas markets.
On the global front, Comex Gold Gold is trading at $2,481.80 an ounce, up $8.40 an ounce. “Gold prices rose on Monday as geopolitical concerns persist over the Crisis in the Middle East “Rising demand for precious metals as a safe haven,” said Saumil Gandhi, senior commodity analyst at HDFC Securities. Apart from that, traders also increased their bets on the United States Federal ReserveThe (Federal Reserve) policy is aggressive interest rate cuts This year, after recent weak macroeconomic data provided further support to the yellow metal, Gandhi added. According to Manav Modi, senior commodity research analyst at Motilal Oswal Financial ServicesGold prices held steady after a sharp rise in the previous session, boosted by a drop in US Treasury bond yields as investors grew confident that the Fed would lower interest rates in September this year.
Silver rises to $28.01 per ounce on international markets.
Traders focused their attention on the US consumer price index data, due next week, for insight into the likely path of the Fed’s monetary policy, Modi said.
According to Jateen Trivedi, vice president research analyst for commodities and currencies at LKP Securities, gold prices are largely driven by rising tensions in the Middle East, particularly concerns over a possible Iranian attack on Israel.
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