Gold, Silver surge amid strong global cues

New Delhi: Gold prices jumped Rs120 to Rs72,550 per 10 grams in the national capital on Thursday amid strong trends globally, according to HDFC Securities. The precious metal had ended at Rs72,430 per 10 grams in the previous session. Silver prices also surged Rs900 to Rs92,300 per kg. It had settled at Rs91,400 per kg on Wednesday. “In Delhi markets, spot gold prices (24 carats) are trading at Rs72,550 per 10 grams, up by Rs120 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at $2,332 per ounce, up $5 from the previous close. “Gold prices remained positive, as US participants returned from the Juneteenth holiday with a buying sentiment. This was driven by weak retail sales data and lower inflation figures. “Expectations for a rate cut in September are growing, but if any US Fed members hint at a delay beyond September, profit booking in gold is likely,” Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said.