Bullion prices recover on US cues
image for illustrative purpose
New Delhi: Gold prices rose by Rs100 to Rs58,700 per 10 grams in the national capital on Wednesday amid gains in the precious metal in global markets, according to HDFC Securities. The yellow metal had closed at Rs58,600 per 10 grams in the previous trade. Gold prices extended their gains on Wednesday, tracking bullish cues from the overseas markets, HDFC Securities senior analyst of commodities Saumil Gandhi said. Silver prices also spurted by Rs400 to Rs73,000 per kg.
“Gold continues to inch higher as comments from US Federal Reserve officials suggested that a recent surge in Treasury yields might reduce the need for more rate hikes,” said Navneet Damani, senior vice-president (commodity research) at Motilal Oswal Financial Services.
“In the international markets, both gold and silver were quoting higher at $1,867 per ounce and $22.05 per ounce, respectively. Traders will focus on the major macroeconomic data to be released later Wednesday, including US PPI inflation and FOMC minutes of the September meeting,” said Praveen Singh, associate vice-president (fundamental currencies and commodities) at Sharekhan by BNP Paribas.
