Gold Soars ₹820 to ₹98,490/10 Grams Amid Global Uncertainty; Silver Trades Flat

New Delhi, June 11 : Gold prices surged by ₹820 to reach ₹98,490 per 10 grams in the national capital on Wednesday, buoyed by fresh buying from retailers and stockists in line with firm trends in the international market, according to the All India Sarafa Association. This rally was seen in gold of 99.5 per cent purity, which appreciated by ₹750 to settle at ₹98,000 per 10 grams inclusive of all taxes.

Silver, however, remained unchanged in domestic markets, trading flat at ₹1,07,100 per kilogram.

Experts attribute the sharp rise in gold prices to escalating geopolitical tensions — particularly the ongoing Russia-Ukraine war and intensifying conflict in the Middle East — prompting investors to seek safe-haven assets. Global uncertainty has been further fueled by recent tariff-related developments in the United States.

In the international market, spot gold rose by USD 12.09 per ounce, or 0.36 per cent, to USD 3,334.69 per ounce, continuing its upward trend. However, spot silver slipped 0.5 per cent to USD 36.34 per ounce.

“Gold edged higher, supported by safe-haven demand as traders expressed concerns about tariff-related uncertainty,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities. He cited a recent US federal appeals court ruling allowing former President Donald Trump to continue imposing global tariffs, which has unsettled markets.

These concerns, Gandhi noted, have overshadowed the optimism from recent positive developments in US-China trade relations. Delegates from both nations, during two-day talks in London, agreed on a roadmap to ease tensions and improve trade cooperation.

Looking ahead, market watchers are now turning their attention to the US Consumer Price Index (CPI) data, scheduled for release later in the day. According to Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, the data will offer critical insights into the US Federal Reserve’s monetary policy outlook, further influencing gold and silver prices.

With geopolitical and economic uncertainties persisting, the yellow metal is expected to remain a favored asset for investors in the coming weeks.