Gold Prices Take a Significant Leap

In a remarkable turn of events, gold prices in the national capital experienced a sharp increase of Rs 550 on Monday, reaching an impressive Rs 97,350 per 10 grams. This surge is in line with the strong upward trend observed in international markets. The price for 99.9 per cent pure gold, which had settled at Rs 96,800 per 10 grams on Friday, according to the All India Sarafa Association, has now set a new benchmark.

Silver Prices Witness a Decline

Contrasting the gold market's buoyancy, silver prices faced a downturn, declining by Rs 400 to Rs 96,700 per kg from Friday’s closing level of Rs 97,100 per kg. This shift underscores the volatile nature of precious metal markets.

Global Market Trends

Globally, spot gold saw a significant rise, increasing by $46.34 or 1.43 per cent to trade at $3,286.83 per ounce. This upward movement is attributed to a weaker dollar ahead of the US Federal Reserve’s two-day Federal Open Market Committee (FOMC) policy meeting. "Gold surged to $3,280 per ounce on a softer dollar ahead of the upcoming US Fed meeting," noted Kaynat Chainwala, AVP, Commodity Research at Kotak Securities.

Meanwhile, international spot silver gained 1.24 per cent, reaching $32.41 per ounce, indicating a mixed trend in the precious metals sector.