Gold and silver prices rise

New Delhi: Gold prices surged Rs800 to Rs73,350 per 10 grams in the national capital on Friday amid a rally in precious metal rates in the international markets, according to HDFC Securities. In the previous session, the yellow metal had closed at Rs72,550 per 10 grams. Extending gains for the fourth straight day, silver prices also rallied by Rs1,400 to Rs93,700 per kg. It had ended at Rs92,300 per kg on Thursday. “In Delhi markets, spot gold prices (24 carats) are trading at Rs73,350 per 10 grams, up by Rs800 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at $2,360 per ounce, up $28 from the previous close. Gold climbed on Friday, boosted by weaker-than-expected US macro data, which raised the possibility that the US Federal Reserve will cut interest rates at least twice in 2024, Gandhi added. Silver was also quoted higher at $30.40 per ounce. It had settled at $30.15 per ounce on Thursday.

“Gold trades steady to positive as selling across risk assets have pushed traders/ investors towards the safe-have bullion,” Pranav Mer, Vice President of Research (Commodity & Currency) at BlinkX and JM Financial Services, said.