Gold Prices Surge; Metals Shine Amid Global Uncertainty

Gold prices climbed for the third consecutive session in the national capital, influenced by global factors such as China's increased gold reserves and macroeconomic data. Silver also saw a rise, indicating a shift towards precious metals as safe havens amid market volatility and geopolitical tensions.

Gold prices climbed by Rs 300 for a third consecutive session, reaching Rs 80,300 per 10 grams in the national capital on Thursday, fueled by strong global indicators, reported the All India Sarafa Association.

Traders observed a surge in the precious metal following the People's Bank of China's (PBoC) decision to increase its reserves for a second straight month. The gold of 99.9 percent purity closed the previous session at Rs 80,000 per 10 grams, while 99.5 percent purity gold rose to Rs 79,900 per 10 grams on Thursday.

On the international front, Comex gold futures edged up by USD 10 per ounce to USD 2,682.40, amidst heightened risk-off sentiment driven by weak Chinese macroeconomic data and zero consumer inflation. Analysts pointed to these developments as undermining China's deflation combat efforts.

(With inputs from agencies.)