Gold climbs Rs 330 to Rs 98,930/10 g amid strong global cues

New Delhi: Gold prices climbed Rs 330 to Rs 98,930 per 10 grams in the national capital on Monday following a firm trend in the global markets, according to the All India Sarafa Association.

The yellow metal of 99.9 per cent purity had closed at Rs 98,600 per 10 grams on Friday.

Gold of 99.5 per cent purity appreciated by Rs 300 to Rs 98,400 per 10 grams (inclusive of all taxes). It had settled at Rs 98,100 per 10 grams in the previous market session.

Additionally, silver prices rose by Rs 100 to Rs 1,00,100 per kg (inclusive of all taxes) on Monday.

On the global front, spot gold jumped USD 59.21 per ounce or 1.80 per cent to USD 3,348.61 per ounce.

"Gold prices rise amid growing uncertainty after President Donald Trump announced plans to double tariffs on steel and aluminium imports from 25 per cent to 50 per cent, effective the day after tomorrow," Abans Financial Services' Chief Executive Officer Chintan Mehta said.

On the geopolitical front, escalating geopolitical tensions between Russia-Ukraine and conflicts in the Middle East also lifted the gold prices, Mehta added.

HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said investors will be monitoring the US May ISM Manufacturing Purchasing Managers & Index (PMI) report, which is scheduled to be released later in the day.

According to commodities market experts, traders will also be awaiting the commentary by US Federal Reserve Chair Jerome Powell.

The commentary by the Fed Chair Powell will play a key role in the future monetary policy outlook and will influence the price dynamics and determine the next leg of a directional move for the bullion prices, they said.