Gold climbs Rs 260 to Rs 99,260/10 g; silver rallies Rs 1,900

Gold prices climbed Rs 260 to Rs 99,260 per 10 grams in the national capital on Wednesday amid strong cues in the global markets, according to the All India Sarafa Association.

The yellow metal of 99.5 per cent purity rose Rs 100 to Rs 98,700 per 10 grams (inclusive of all taxes).

“Gold showed a slight positive trend on Wednesday due to persistent uncertainties related to trade, along with economic concerns and geopolitical risks, continue to support the safe-haven appeal of the precious metal,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Also, silver rallied by Rs 1,900 to Rs 1,02,100 per kg (inclusive of all taxes) on Wednesday. The metal had closed at Rs 1,00,200 per kg in the previous market session.

On the global front, spot gold went up by USD 9.43 per ounce or 0.28 per cent to USD 3,362.6 per ounce.

In April, central banks added a net total of 12 tonnes of gold to global reserves.However, the purchasing pace has slowed, 12 per cent lower than the previous month.

Even with the decline in purchases, Gandhi said, central banks are likely to continue adding gold to their reserves.