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In response to a surge in the price of precious metals on global markets, gold prices in the nation’s capital on Thursday increased by Rs 500 to Rs 65,650 per 10 grams, according to HDFC Securities.
The precious metal continued to rise for the third day in a row, reaching a new all-time high of Rs 65,650 per 10 grams. In the previous trade, the yellow metal had closed at Rs 65,150 per 10 grams.
The price of silver increased by Rs 400 as well, to Rs 74,900 per kg. It ended the last session at Rs 74,500 per kg.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,650 per 10 grams, up by Rs 500, taking bullish cues from the overseas markets,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the global markets, spot gold at Comex was trading at $2,152 per ounce, up by $30 from the previous close.
Comex spot gold reached a new high of $2,161.50 per ounce in Asian trading hours on Thursday after Federal Reserve Chair Jerome Powell reiterated that the US central bank will most likely lower interest rates this year, Gandhi added.
In his semiannual Humphrey-Hawkins testimony to Congress, Powell said that the US Fed remains squarely focused on its mandate to promote maximum employment and stable prices for the American people.
The policy rate is likely at its peak and it will likely be ‘appropriate’ to cut rates at some point this year, he added.
However, he observed that the Federal Open Market Committee (FOMC) still needs ‘greater confidence’ before cutting rates.
Silver was trading higher at $24.10 per ounce. In the previous trade, it had closed at $23.75 per ounce.
“Looking ahead, the market focus shifts to the upcoming US Consumer Price Index (CPI) data for February, which is poised to be a key trigger for gold prices next week.
“Additionally, non-farm payroll and unemployment data to be released on Friday will provide further direction for gold trends,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.
With inputs from PTI