Gold prices rise Silver gains big

New Delhi: Silver prices continued to shine bright by rallying sharply Rs2,600 to Rs95,900 per kg in the national capital on Friday, while gold went up Rs150, in line with firm global trends. According to HDFC Securities, rising for the second straight session, silver prices surged Rs2,600 to Rs95,900 per kg. It had closed at Rs93,300 per kg in the previous session. Meanwhile, gold prices climbed Rs150 to Rs73,650 per 10 grams. In the previous session, precious metal had settled at Rs73,500 per 10 grams. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs73,650 per 10 grams, up by Rs150, taking bullish cues from the overseas market,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at $2,366 per ounce, up $6 from the previous close. “Gold traded slightly positively on Friday, supported by a soft US dollar and weak US macro data. “Following expectations that major central banks will cut borrowing costs to boost economic activity after the European Central Bank on Thursday confirmed in its meeting that it will cut interest rates this week which will further provide direction for the bullion prices,” Gandhi said. Silver also traded higher at $31.05 per ounce. It had finished at $30.30 per ounce on Thursday.

According to Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said, “Earlier in the week, lower nonfarm employment data supported gold, increasing expectations for a rate cut by the US Federal Reserve.