Gold, silver prices rebound on firm global cues
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New Delhi: Gold prices jumped by Rs530 to Rs73,080 per 10 grams in the national capital on Thursday tracking a bullish trend in the international markets, according to HDFC Securities. The yellow metal had settled at Rs72,550 per 10 grams in the previous trade. Silver prices also leapt Rs1,200 to Rs92,500 per kg. In the previous session, it closed at Rs91,300 per kg. “In Delhi markets, spot gold prices (24 carats) are trading at Rs73,080 per 10 grams, up by Rs530 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.
In the global markets, spot gold at Comex was trading at $2,355 per ounce, up $16 from the previous close. Additionally, silver was quoted higher at $30.25 per ounce against $29.80 per ounce in the previous session. “Gold prices rose more than 1 per cent to a nearly two-week high while silver was up by more than 2 per cent, on the back weak US economic data which increased rate cut bets by Fed, fall in the dollar index and rally in industrial metals,”
Manav Modi, Senior Analyst - Commodity Research at Motilal Oswal Financial Services Ltd, said. In the FOMC meeting minutes, US Federal Reserve Governor Powell reiterated that inflation concerns still exist and the Fed is in no hurry to raise rates.
