Donald Trump's planning increased the price of gold in India

Gold In India: Due to strong global trend and strong buying by local jewelers, the bullion market on Wednesday returned to the uptrend after a sharp decline in the last two days. During this period, the price of silver registered an annual increase of Rs 5,200, taking it to Rs 95,800 per kg.

Gold price jump

In the national capital Delhi, the price of gold of 99.9 percent purity rose by Rs 650 to Rs 78,800 per 10 grams. Earlier, the price of gold fell by Rs 2,250 in the two trading sessions. On Tuesday, it closed at Rs 78,150 per 10 grams.

The price of gold of 99.5 percent purity also rose by Rs 950 to Rs 78,700 per 10 grams on Wednesday.

Silver's historic rally

Silver prices rose by Rs 5,200 in the national capital, taking it past the Rs 95,000 per kg mark after a gap of two weeks. This was the biggest single-day rise in silver, after the previous Rs 5,000 gain on October 21.

Silver prices had declined by Rs 2,700 in the last two days and closed at Rs 90,600 per kg on Tuesday.

Reasons for price rise

Traders attributed this rise in precious metal prices to the volatile geopolitical situation in West Asia and rising consumption in the industrial and jewellery segment in the domestic market.

Jatin Trivedi, Vice President and Research Analyst (Commodities & Currencies), LKP Securities, said, "The market witnessed strength due to geopolitical tensions and volatility in the dollar. Gold remains in a broad bullish trend, but short-term uncertainty also persists." He also said that gold is slightly below its peak at Rs 75,900 in MCX, but it is well above the low of Rs 67,500 seen in the budget week.

Global market impact

Globally, Comex gold futures rose by $27 an ounce or 1.02 per cent to trade at $2,673.30 an ounce. Silver was quoted 0.33 per cent higher at $30.94 an ounce in the Asian market.

Saumil Gandhi, Senior Analyst Commodities, HDFC Securities said, "Geopolitical risks and US President-elect Donald Trump's tariff plans boosted inflows into gold. Besides, a fall in the US dollar and bond yields also supported gold prices." He also pointed out that these factors helped gold prices regain their lost ground on Wednesday.

Conclusion

The current global and domestic conditions are supporting the uptrend in precious metal prices. This could be an opportunity for investors and traders to bring stability to their portfolio while understanding the market fluctuations.