Gold hits record high of Rs 65,000/10 gm
Yellow metal surges Rs 800, silver rallies Rs 900
image for illustrative purpose
New Delhi: Gold prices on Tuesday surged Rs800 to hit a fresh record high of Rs65,000 per 10 grams in the national capital amid strong global trends, according to HDFC Securities. In the previous close, the precious metal had closed at Rs64,200 per 10 grams. Silver also rallied Rs900 to Rs74,900 per kg. In the previous trade, it had settled at Rs74,000 per kilogram.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs65,000 per 10 grams, up by Rs800, taking bullish cues from the overseas markets. In domestic markets, spot gold hit a new all-time high of Rs65,000 on Tuesday,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said. In the international markets, spot gold at Comex was trading at $2,110 per ounce, up by more than 1 per cent from the previous close.
“Gold prices experienced an uptick driven by growing speculation that the US Federal Reserve will cut interest rates in June, thus gain of more than Rs 2,400 was seen in MCX in last three days. “The rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.
