Gold climbs Rs 370; silver jumps Rs 600 amid strong global cues

Gold prices rose by Rs 370 to reach Rs 72,550 per 10 grams in the national capital on Friday due to an increase in international precious metal rates, as reported by HDFC Securities. This marked a significant increase from the previous day’s price of Rs 72,180 per 10 grams. Silver prices also saw a substantial jump, increasing by Rs 600 to reach Rs 91,200 per kg compared to the previous session’s closing price of Rs 90,600 per kg. Saumil Gandhi, Research Analyst at HDFC Securities, mentioned that spot gold prices (24 carats) in Delhi markets were trading at Rs 72,550 per 10 grams, reflecting an increase of Rs 370 from the previous close. In the international markets, spot gold at Comex was trading at USD 2,322 per ounce, representing a USD 17 increase from the previous close. The rise in gold prices was attributed to recent US jobless data indicating weakening in the US labor market during the post-pandemic recovery. This has supported the suggestion of early interest rate cuts by the Federal Reserve, as stated by Gandhi. Furthermore, silver prices also saw an increase, reaching USD 29.20 per ounce compared to the previous session’s closing price of USD 28.94 per ounce. Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, highlighted the anticipation among traders for the upcoming release of US Personal Consumption Expenditures (PCE) inflation data, considered crucial for bullion prices. Singh also added that the short-term outlook remains bearish due to hawkish statements from the Federal Reserve, inflation concerns, and a strong US dollar.