Gold Climbs Rs 926 in Futures Trade as Investors Seek Safety Amid Global Uncertainty

New Delhi, June 4: Gold prices climbed by Rs 926 to Rs 1.59 lakh per 10 grams in futures trade on Thursday, driven by fresh buying by traders amid geopolitical uncertainties and a firm trend in the overseas markets.

On the Multi Commodity Exchange, the yellow metal for August delivery appreciated by Rs 926, or 0.58 per cent, to Rs 1,59,445 per 10 grams.

Analysts said renewed investor interest in precious metals was driven by lingering geopolitical concerns and softer crude oil prices, which improved sentiment towards gold prices.

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“Gold prices showed a positive trend in the domestic markets on Thursday primarily driven by a combination of geopolitical tensions and a decline in crude oil prices,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

Investors are flocking to safe-haven assets such as gold amid uncertainties in the global market, he added.

In the international markets, Comex gold futures for August delivery gained by USD 32.55, or nearly 1 per cent, to USD 4,499.45 per ounce in New York.

Gold rebounded above USD 4,470 per ounce in global markets, gaining nearly 1 per cent on Thursday, after Israel and Lebanon agreed to a conditional ceasefire, improving risk sentiment, brokerage firm Kotak Neo said.

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However, reports of Israeli strikes in southern Lebanon on Thursday, hours after an announcement between Tel Aviv and Beirut, limited the upside in bullion prices.

Market participants are now awaiting comments from Federal Reserve Governor Michelle Bowman and US unemployment claims data for fresh cues on the future interest-rate trajectory and near-term direction of bullion prices, the brokerage firm added.

(with inputs from PTI)