Marginal rise in bullion prices

New Delhi: Gold prices rose by Rs70 to Rs62,970 per 10 grams in the national capital on Thursday in line with firm global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs62,900 per 10 grams. Silver prices also climbed Rs200 to Rs74,100 per kg, while it had finished at Rs73,900 per kg in the previous close. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs62,970 per 10 grams, up by Rs70 from the previous close,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

In the international markets, spot gold at Comex was trading at $2,034 per ounce, up by $5 from the previous close. Gold traded with a modest gain within a narrow range in the European trading session on Thursday, Gandhi said. “The US Fed’s preferred gauge of underlying inflation, the core personal consumption expenditures index data, is due later today and could provide further insights on the monetary policy interest rate cut outlook and direction for gold prices,” he added.

Also, silver was quoting higher at $22.50 per ounce, while it had settled at $22.35 per ounce in the previous trade. “Gold prices maintained a narrow range between $2,038-2,034 per ounce in the global market, with support holding steady around the $2,025 mark amidst a week dominated by critical data releases,” said Jateen Trivedi, V-P (research analyst) at LKP Securities.