Gold and silver prices soar

New Delhi: Gold prices rose Rs50 to Rs72,550 per 10 grams in the national capital on Wednesday in line with firm trends in the international markets, according to HDFC Securities. The precious metal had closed at Rs72,500 per 10 grams in the previous session. Additionally, silver prices also jumped Rs300 to Rs91,300 per kg. It had settled at Rs91,000 per kg in the previous session. “In Delhi markets, spot gold prices (24 carats) are trading at Rs72,550 per 10 grams, up Rs50 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said. The yellow metal traded at Rs74,650 per 10 grams in local markets in the national capital, marketmen said. Silver traded at Rs92,300 per kg. Gold traded within range with a modest gain on Wednesday, as traders are awaiting the release of US macro data that could provide new insights into the timing of the Federal Reserve’s interest rate cut, Gandhi said.

In the global markets, spot gold at Comex was trading at $2,339 per ounce, slightly up $4 from the previous close. “Gold and silver prices rallied after a steady trade witnessed since the past few sessions, amid a fall in dollar index, while investors digested comments from Federal Reserve Chair Jerome Powell and looked forward to US jobs data due later this week for more signals on US interest rate cuts,” Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services Ltd, said.