Gold and silver prices rally

New Delhi: Gold prices jumped Rs680 to Rs73,500 per 10 grams in the local market on Thursday amid a jump in the precious metal rates internationally, according to HDFC Securities. The yellow metal had closed at Rs72,820 per 10 grams in the previous session. Silver also rallied by Rs1,400 to Rs93,300 per kg against Rs91,900 per kg in the previous session. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs73,500 per 10 grams, up by Rs680, taking bullish cues from the overseas market,” Saumil Gandhi, Senior Analyst of Commodities 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. A pullback in the US Treasury yield and mixed US macroeconomic data led to an uptick in gold prices. The European Central Bank is likely to cut interest rates on Thursday in its policy meeting, which could support gold prices, Gandhi said. Silver also trading higher at $30.30 per ounce. It had settled at $29.75 per ounce in the previous close.