Gold at ₹12,147/gm and Silver at ₹150.40/gm Rise as Safe-Haven Demand Grows

Gold and silver prices increased on Thursday as investors looked for safer investment options. Global stock markets weakened, and stronger US job data made traders rethink interest rate expectations.

In India, 24K gold was priced at ₹12,147 per gram, while 22K gold was at ₹11,134 per gram. Silver traded at ₹150.40 per gram or ₹1.50 lakh per kg.

Globally, spot gold climbed 1.3% to $3,983.89 per ounce.

Why Are Precious Metals Gaining?

According to independent metals trader Tai Wong, gold and silver rose even though US private payrolls were stronger than expected. He noted that this gives confidence to buyers, especially after metals fell alongside riskier assets the previous day.

The latest ADP report showed the US added 42,000 private jobs in October, higher than expectations of 28,000. A strong job market usually reduces the need for the US Federal Reserve to cut rates, which can limit gains in gold since it doesn’t offer interest.

Market Caution Boosts Safe-Haven Demand

The US Federal Reserve recently cut interest rates, and although Chair Jerome Powell hinted it could be the final cut this year, traders still expect a 63% chance of another cut in December, down from over 90% earlier. Lower rates make gold and silver more attractive by reducing the cost of holding them.

Read More: Indian Billionaires Driving Dubai’s Gold Trade Hit a Hurdle.

Conclusion

Gold and silver prices continue to benefit from global uncertainty, strong US job data, and shifting expectations around rate cuts. With markets remaining volatile, demand for safe-haven metals is likely to stay firm in the near term.

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