Bullion prices rebound on global cues

New Delhi: Gold price climbed Rs410 to Rs61,210 per 10 grams in the national capital on Wednesday amid strong cues in the international markets, according to HDFC Securities. The precious metal had closed at Rs60,800 per 10 grams in the previous trade. Silver also jumped Rs1,700 to Rs75,000 per kilogram.

“Gold prices advanced on Wednesday, with spot gold prices in the Delhi markets trading at Rs61,210/10 gram, up Rs410, following a bullish trend in the overseas markets,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities. In the global markets, both gold and silver were trading higher at $1,970 per ounce and $23.27 per ounce, respectively. Gold gains after soft US inflation data bolstered the view that the Federal Reserve’s aggressive monetary tightening cycle has ended and traders have raised the bets for a rate cut in the next year,” said Gandhi.