According to the All India Sarafa Association, it had settled for Rs 91,600 per kilogram in the previous session.
Due to increasing jewelry purchases by jewelers amid a strong worldwide trend, gold prices in the nation's capital jumped by Rs 100 to Rs 75,650 per 10 grams on Monday.
On the other hand, the price of silver fell by Rs 600 to Rs 91,000 per kilogram. According to the All India Sarafa Association, it had settled for Rs 91,600 per kilogram in the previous session.
The price of precious metals finished at Rs 75,550 per 10 grams on Saturday.
In the meanwhile, the price of 10 grams of 99.5% pure gold increased by Rs 100 to Rs 75,300. In the prior session, it had concluded at Rs 75,200 per 10 grams.
The increase in gold prices was ascribed by traders to a strong trend in the global markets as well as new demand from nearby jewelers.
In the four sessions since July 18, when it dropped by Rs 400 to close at Rs 94,000 per kg, the white gold has decreased by Rs 3,400 per kg.
Comex gold is now up 6.80 per ounce from the previous close, trading at USD 2,453.60 per ounce globally.
"Comex gold edged higher on Monday as US election uncertainty weighed on US dollar and treasury yields, after a sharp pullback from all-time highs last week," according to Kaynat Chainwala, AVP of Commodity Research at Kotak Securities.
There was conjecture over the impact of President Joe Biden's decision to withdraw from his reelection campaign and support Vice President Kamala Harris on the likelihood of former President Donald Trump winning the presidency again.
The US dollar bulls became cautious as a consequence, and commodities prices started to rise.
In advance of the Federal Open Market Committee's (FOMC) policy decision next week, traders are now excitedly awaiting the publication of a number of important economic data, according to Chainwala.
But in New York, silver was down at USD 29.21 an ounce.
At the beginning of the week, gold is gaining ground around USD 2,400, with attention turning to the Union Budget on Tuesday.
According to Jateen Trivedi, VP Research Analyst of Commodities and Currency at LKP Securities, "the commodity market expects measures to encourage the export of Indian jewellery and keep gold prices lower, possibly by reducing import tax on raw gold or export tax on finished gold goods."
According to Trivedi, reducing the Commodity Transaction Tax (CTT) on derivatives is also necessary to increase participation.
Commodity market analysts claim that traders are particularly concerned about the geopolitical threats posed by the Russia-Ukraine war, the continuing crises in the Middle East, and slowing Chinese economic development, all of which will help the safe-haven asset.
In addition, they said that traders are looking forward to more hints on the US Federal Reserve's monetary policy trajectory, which will give guidance for bullion prices in the near future, when the US Personal Consumption Expenditures (PCE) price index data is released on Friday.
In light of conflicting global indications, traders also anticipate that the short-term trend for gold prices would remain erratic, according to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
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