New Delhi, Sep 1 (IANS) Both gold and silver witnessed a significant rise on Monday, continuing the last week’s gaining momentum amid uncertain global geopolitical conditions, with the yellow metal rising by Rs 2,000 and the latter escalating over Rs 5,000.

According to the Indian Bullion Jewellers Association (IBJA), the 24-carat gold price closed at Rs 104,493 per 10 grams, up Rs 2,105 against last day’s closing price of Rs 102,388, while silver closed at Rs 122,800 per kg, rising Rs 5,228 against last session’s closing of Rs 117,572.

Similarly, the 22-carat gold rate rose to Rs 95,716 per 10 grams, and the 18-carat gold price closed at Rs 78,370 per 10 grams.

“We have continued our bullish stance on gold for more than 2 years now, predicated on the weakness of the DXY as well as the de-dollarisation trend gaining strength, especially post the incumbent US President (Trump) taking over,” said Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital

In addition, N.S. Ramaswamy, Head -Commodity desk and CRM – Ventura stated, the Federal Reserve rate cut expectations (September 16-17) have intensified after the US PCE data (Personal Consumption Expenditures price index), which came in line with estimates.

Meanwhile, the gold price increased in the domestic futures market as well. At 6.22 p.m., the MCX future contract, expiring on October 3, was trading at Rs 1,04,734.0 per 10 grams, up 0.88 per cent.

The yellow metal price in the international market followed suit as well. Comex gold was at Rs $3,540.2, up $24 or 0.69 per cent.

“Gold marked an all-time high on Comex, silver too booked records on the domestic front and touched a record high since 2011 in COMEX on the back of haven buying. Along with increasing rate cut expectations, tensions between Israel and Gaza and other geopolitical tensions and the tariff escalations are continuously supporting buying in bullion,” said Manav Modi of Motilal Oswal Financial Services Ltd.

–IANS

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