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July 18, 2024
PI Global Investments
Precious Metals

Gold rises Rs 250; silver jumps Rs 1,700 per kg


NEW DELHI: Gold prices rose Rs 250 to Rs 66,200 per 10 grams in the national capital on Thursday amid a rally in precious metal prices in the global markets, according to HDFC Securities.

The yellow metal had settled at Rs 65,950 per 10 grams in the previous close.

Silver also surged Rs 1,700 to Rs 77,000 per kg. In the previous trade, it had ended at Rs 75,300 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 66,200 per 10 grams, up by Rs 250 from the previous close,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,169 per ounce, up by USD 9 from the previous close.

Gold prices recovered from a recent low and moved higher during the European trading session on Thursday due to a pullback in the US dollar and safe-haven buying, Gandhi added.

Silver also quoted higher at USD 24.92 per ounce, and it had settled at USD 24.22 per ounce in the previous trade.

“Investors look forward to today’s US data, such as the Producer Price Index (PPI), weekly job data, and retail sales, to gauge the direction of precious metal prices,” Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

Investors closely monitor these indicators for further insights into the health of the economy and potential shifts in the US monetary policy, which can affect the demand for safe-haven assets like precious metals.



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