Gold, silver prices recover on strong demand

New Delhi: Gold and silver prices rebounded sharply on Friday after falling for two straight sessions, with the yellow metal jumping Rs950 to cross the Rs73,000-mark in the national capital amid a bullish global trend and strong domestic demand on the Akshaya Tritiya festival. According to HDFC Securities, the precious metal climbed by Rs950 to Rs73,200 per 10 grams. It had closed at Rs72,250 per 10 grams in the previous trade.

Silver prices also surged by Rs2,300 to Rs85,500 per kg. In the previous close, it had ended at Rs83,200 per kg. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs73,200 per 10 grams, up by Rs950, amid a bullish trend in the overseas markets. “During the auspicious occasion of Akshaya Tritiya, retail demand is going to rise as people will buy gold coins, bars, and jewellery,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at $2,360 per ounce, up by $52 from the previous close. Gold rose after the latest unemployment claims data revealed more indications of a slowing labour market, increasing confidence that the US Federal Reserve will be able to begin cutting interest rates this year, Gandhi said. Silver was also trading higher at $28.60 per ounce. It had finished at $27.50 per ounce in the previous session.