Strong US data caps bullion price rise
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New Delhi: Gold price jumped Rs210 to Rs59,810 per 10 grams in the national capital on Friday amid strong cues in overseas markets, according to HDFC Securities. The precious metal had settled at Rs59,600 per 10 grams in the previous trade. Silver also climbed Rs700 to Rs73,700 per kilogram. In the global markets, gold and silver were trading higher at $1,916 per ounce and $23.02 per ounce, respectively.
“The dollar index pulled back from its highest level since March and this was seen as a key factor driving some flows towards the gold price. However, further gains are capped by strong US macro data that continue to point to an extremely resilient American economy and support the case for further policy tightening by the Fed before the end of the year,” said Saumil Gandhi, senior analyst of commodities of HDFC Securities.
