Gold prices remained steady at Rs 63,150 per 10 grams in the national capital on Monday, according to HDFC Securities. However, silver experienced a notable jump, rising by Rs 400 to reach Rs 75,400 per kg from its previous close of Rs 75,000 per kg.
The next tranche of the Sovereign Gold Bond (SGB) scheme opened for subscription at a price of Rs 6,263 per gram, with the subscription period extending until February 16. Notably, the Government of India, in coordination with the Reserve Bank, has decided to offer a discount of Rs 50 per gram less than the nominal value to investors applying online and making digital payments against their application.
“Spot gold prices (24 carats) in the Delhi markets are trading flat at Rs 63,150 per 10 grams, unchanged from the previous close,” stated Saumil Gandhi, senior commodities analyst at HDFC Securities.
In the international market, spot gold at Comex was trading at USD 2,022 per ounce, marking a slight decline of USD 2 from the previous close. Conversely, silver was trading marginally higher at USD 22.80 per ounce.
Traders exhibited caution ahead of the release of US consumer inflation data scheduled for Tuesday, which could offer insights into the monetary policy direction of the US Federal Reserve, Gandhi noted.
Jateen Trivedi, VP Research Analyst at LKP Securities, highlighted the attention garnered by the fourth tranche of Sovereign Gold Bonds (SGB). With stable returns fixed at 2.5 percent, investors found the SGBs attractive amidst prevailing uncertainties in global and Indian markets.
“However, the price of Rs 62,130 per 10 grams may seem unattractive to some investors, particularly considering the delayed hints of US rate cuts, which could potentially support a rise in the dollar and limit the upside for gold prices in the short term,” Trivedi cautioned.
As investors navigate through market dynamics and economic indicators, the precious metals market remains poised for further movements, influenced by both domestic and international factors.
