New Delhi: Gold price on Wednesday jumped by Rs400 to Rs75,050 per 10 grams in the national capital on the back of fresh buying from jewellers, according to the All India Sarafa Association. The precious metal had closed at Rs 74,650 per 10 grams in the previous session. However, silver prices remained flat at Rs 94,400 per kg. In domestic markets, the yellow metal was trading at Rs 75,050 per 10 grams, up by Rs 400 against the previous close, the association said.
In the international markets, spot gold was trading higher at $2,380.50 per ounce, up $12.60 per ounce. “Gold prices traded positively. The buying was driven by expectations of weak inflation numbers to be release on Thursday evening in US, which could prompt rate cuts by US Federal Reserve in the September meeting,” Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.
Additionally, silver prices was also up at $31.25 per ounce globally. “Spot gold closed with a gain of around 0.20 per cent at $2,363 per ounce on Tuesday, as the Fed Chair Powell, in his testimony to the US Senate Banking Committee, offered largely a balanced view on the US economy and the Fed’s monetary policy,” Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.