SRINAGAR: Gold prices extended their rally for a third consecutive day on Tuesday, with domestic retail rates and futures advancing amid stronger global bullion prices and easing crude oil prices, according to GoodReturns.in and market data.
According to GoodReturns.in, the price of 24-carat gold rose by Rs 760 to Rs 1,44,220 per 10 grams. 22-carat gold gained Rs 700 to Rs 1,32,200 per 10 grams, while 18-carat gold increased by Rs 570 to Rs 1,08,160 per 10 grams.
Among major jewellery retailers, Joyalukkas quoted 24-carat gold at Rs 14,422 per gram, 22-carat at Rs 13,220 per gram and 18-carat at Rs 10,816 per gram. Kalyan Jewellers priced 24-carat gold at Rs 14,420 per gram, 22-carat at Rs 13,220 per gram and 18-carat at Rs 10,817 per gram.
The India Bullion and Jewellers Association (IBJA) quoted 999 purity gold at Rs 1,42,254 per 10 grams during the evening session on July 20.
Gold also traded higher on the Multi Commodity Exchange (MCX), mirroring gains in international markets. At around 9:30 a.m., August gold futures were up 0.62 per cent, or Rs 870, at Rs 1,42,258 per 10 grams, after settling at Rs 1,41,388 per 10 grams in the previous session.
Internationally, spot gold rose 0.99 per cent to $4,047.64 per ounce, while US gold futures for August delivery gained 0.92 per cent to $4,052.97 per ounce.
Market analysts attributed the rise in bullion prices to softer crude oil prices amid signs of diplomatic efforts to ease tensions between the United States and Iran, boosting demand for safe-haven assets.
However, investor sentiment remained cautious after Yemen’s Houthi movement reportedly threatened to impose a naval blockade on Saudi Arabia, raising concerns over a renewed spike in crude oil prices.
Oil prices had climbed to their highest level in more than a month during the previous session following the recent escalation in the US-Iran conflict, fuelling expectations that central banks could maintain higher interest rates to contain inflation. Higher interest rates typically increase the opportunity cost of holding non-yielding assets such as gold.(KL)
