Global cues drive gold prices up by ₹130 and silver prices up by ₹100

Gold prices experienced a 0.4% increase, reaching $1,929.54 per ounce, potentially affected by reduced trading activity due to a US holiday.

Gold And  Silver Price Latest Updates: Gold prices in the national capital rose by ₹130 to ₹59,280 per 10 grams on Tuesday, influenced by strong global signals. The previous trading session had seen gold closing at ₹59,150 per 10 grams. Additionally, silver also experienced a significant jump of ₹100, reaching ₹71,300 per kilogram.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, stated that spot gold prices in Delhi reached ₹59,280 per 10 grams on Tuesday, marking a ₹130 increase, following cues from international markets. US gold futures also recorded a 0.4% gain, reaching $1,937.20.

Gandhi mentioned that gold prices are being supported by safe-haven purchases after disappointing economic data emerged on Monday. Investors are eagerly awaiting the release of the FOMC June meeting minutes on Wednesday, as they could provide further insights on the interest rate situation.

On Tuesday, gold strengthened in international markets as some traders speculated that recent weak US economic data might cause the Federal Reserve to reconsider its rate hike plans. Traders also positioned themselves for further insights from the minutes of the central bank's previous meeting.

The price of spot gold increased by 0.4% to $1,929.54 per ounce, although trading volume was likely lower due to a US holiday.

According to UBS analyst Giovanni Staunovo, gold received support from underwhelming US economic data, including PMIs, released on Monday. Market participants are closely monitoring upcoming US job market data to gauge whether previous interest rate hikes will impact the US economy.

Spot silver also saw a 0.6% rise to $23.0094 per ounce, while palladium experienced a 1.5% jump to $1,247.14. Platinum climbed 1.5% to $919.79 and was on track for its third consecutive session of gains, if the upward momentum continues.