Silver gains large, slight rise in Gold price

New Delhi: Silver rallied strongly by Rs3,100 to Rs95,950 per kg in the national capital on Tuesday, while gold went up Rs130, in line with strong global trends. According to HDFC Securities, rising for the second straight session, silver prices surged Rs3,100 to nearly a two-week high of Rs95,950 per kg. It had closed at Rs92,850 per kg on Monday. Meanwhile, the yellow metal prices climbed Rs130 to Rs72,950 per 10 grams. It had finished at Rs72,820 per 10 grams in the previous session.

In the international markets, spot gold at Comex was trading at $2,346 per ounce, up $2 from the previous close. “Gold traded with a marginal gain in European trading hours on Tuesday, aided by a weak US dollar. “Traders are now awaiting crucial US inflation data, which could shed light on how soon the US Federal Reserve can reduce interest rates, potentially providing further direction for gold prices,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Silver also traded higher at $31.50 per ounce in the overseas markets. According to market experts, silver prices soared, breaching the $31-level, signalling the end of the bearish correction. Meanwhile, in the futures trade on the MCX, gold fell Rs169 to trade at Rs71,840 per 10 grams. The most-traded June contract of gold hit an intra-day low of Rs71,762 per 10 grams. Further, silver contracts for July delivery were also trading lower by Rs294, or 0.39 per cent, to Rs94,314 per kg on the bourse.