Gold gains marginal, silver rallies big
image for illustrative purpose
New Delhi: Gold prices rose Rs100 to Rs73,410 per 10 grams in the national capital on Monday in line with strong global trend, according to HDFC Securities. The precious metal closed at Rs73,310 per 10 grams in the previous session. Silver prices also rallied Rs870 to Rs94,270 per kg. It had settled at Rs93,400 per kg in the previous session.
“In Delhi markets, spot gold prices (24 carats) are quoted at Rs73,410 per 10 grams, up by Rs100 from the Friday’s afternoon price. “Gold prices at Multi Commodity Exchange (MCX) traded lower amid risk-averse sentiment and profit booking after surging in the week gone by,” Dilip Parmar, Research Analyst at HDFC Securities, said.
In the international markets, spot gold at Comex was $2,373 per ounce, up $10 per ounce from the previous close. “Gold and silver prices rose significantly as the dollar retreated amidst mixed jobs data, increase in rate cut expectations and geo-political updates. Precious metals pack, especially, silver rallied sharply in the holiday-shortened week,” Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd (MOFSL), said.
Focus this week will be on US Consumer Price Index (CPI) data, Producer Price Index (PPI) and the Federal Reserve Chair Jerome Powell’s testimony, Modi added. Additionally, silver is also quoted higher at $30.93 per ounce. It had finished at $30.55 per ounce in the previous session.
