New Delhi: Gold prices climbed Rs230 to Rs72,250 per 10 grams in the national capital on Monday amid jump in precious metal rates in the international markets, according to HDFC Securities. The yellow metal had settled at Rs72,020 per 10 grams in the previous session. Silver prices also jumped Rs700 to Rs84,300 per kg. It had closed at Rs83,600 per kg in the previous close.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,250 per 10 grams, up Rs 230, taking positive cues from the overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the overseas markets, spot gold at Comex was trading at $2,312 per ounce, up $11 from the previous close.
Gold resumed trading on a positive note as Friday’s weaker-than-expected US job market reports have boosted the odds of a September rate cut from the US Federal Reserve. This turned negative for the US dollar and helped the gold price rebound above the $2,300 level, Gandhi said. Silver was also quoting higher at $27.05 per ounce. In the previous session, it had ended at $26.55 per ounce.