New Delhi, May 6 – Gold prices surged by Rs 2,400 on Tuesday to reach Rs 99,750 per 10 grams in the national capital’s bullion market, driven by continued buying from jewellers and stockists. This sharp rise follows Monday’s closing rate of Rs 97,350 for 99.9 percent purity gold, as per data released by the All India Sarafa Association.
Similarly, gold with 99.5 percent purity rose to Rs 99,300 per 10 grams, up from its previous close of Rs 96,900. This marks the third consecutive session of gains in domestic bullion prices.
As per agency report, Chintan Mehta, CEO of Abans Financial Services, attributed the surge to increased demand for safe-haven assets after former US President Donald Trump announced plans to introduce new tariffs. These proposed measures include levies on pharmaceutical imports and a 100 percent tariff on films made outside the United States, which have renewed concerns about global trade tensions and economic growth.
Silver prices also witnessed a strong upward trend, climbing by Rs 1,800 to reach Rs 98,500 per kilogram in the Delhi market.
Market analysts noted that investors are closely watching the outcome of the US Federal Reserve's meeting scheduled for Wednesday, along with comments from Fed Chair Jerome Powell, as these will likely influence the direction of precious metal prices.
Globally, spot gold climbed by $45.65, or 1.37 percent, to $3,379.77 per ounce. According to Saumil Gandhi, Senior Commodities Analyst at HDFC Securities, gold regained the $3,350 level on Tuesday. He cited ongoing geopolitical tensions—such as the Russia-Ukraine conflict, unrest in West Asia, and renewed strain between India and Pakistan—as key factors boosting safe-haven demand.
He further added that weakness in the US dollar has also contributed to the recent bullish momentum in precious metals.
Meanwhile, international spot silver prices rose by 1.64 percent to reach $33 per ounce.
