Gold prices in New Delhi hit a two-month peak for the sixth consecutive session, driven by investor anticipation of key US inflation figures and ongoing economic uncertainties, with silver also gaining sharply.
Gold prices in New Delhi rose for a sixth straight session on Tuesday, reaching a two-month high as traders continued to favour the metal as a store of value even with oil prices holding firm. According to the All India Sarafa Association, 99.9% pure gold gained ₹1,200 to ₹1,57,200 per 10 grams, inclusive of taxes, from ₹1,56,000 on Monday.
The latest move leaves bullion up ₹9,800, or 6.65%, over six trading sessions from ₹1,47,400 on August 3. Silver also advanced sharply, rising ₹2,000 to ₹2,42,000 per kilogram, its strongest level in more than two months. Dealers said the metal had last traded near that level on April 30.
Market strategists said the rally reflects safe-haven buying ahead of key US inflation data, which could shape expectations for the Federal Reserve’s next move on interest rates. Gaurav Garg, head of research at Lemonn Markets Desk, told the publication that investors were adding to bullion positions before the figures, while also noting that silver was being supported by industrial demand and firmer sentiment.
In overseas trade, spot gold was slightly weaker at $4,373.43 an ounce after touching a session high of $4,435, as gains faded when crude oil prices moved higher. Praveen Singh, head of commodities at Mirae Asset ShareKhan, said the oil advance was tied to uncertainty around the Strait of Hormuz, where tensions have persisted. Saumil Gandhi, senior commodities analyst at HDFC Securities, said the next market test will be the US consumer price report due on Wednesday, followed by producer price data on Thursday, both of which could offer fresh clues on the inflation path and the Fed’s policy outlook.
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