PI Global Investments
Silver

Gold, Silver Prices Surge On Strong Global Cues


Gold prices rose by Rs 250 to reach Rs 72,200 for 10 grams in New Delhi on Wednesday, due to robust global trends, as per HDFC Securities Ltd. The precious metal had ended at Rs 71,950 in the last session.

“In the Delhi markets, spot gold prices (24 carats) are trading at Rs 72,200 per 10 grams, up by Rs 250 from the previous close,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities.

In the international markets, spot gold at Comex was trading at $2,315 per ounce, up $12 from the previous close. Gold extended its gains on Wednesday, helped by a soft US Treasury yield and a steady US dollar, Gandhi said.

Meanwhile, on the Multi Commodity Exchange, futures rose as gold contracts for August delivery traded higher Rs 50 or 0.07% at Rs 71,540 per 10 grams in a business turnover of 15,149 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said.

The price of silver also rose by Rs 800 to reach Rs 91,500 per kilogram, following a previous close at Rs 90,700 per kilogram. In the US market, silver also quoted marginally higher at $29.35 per ounce.

Commodities are broadly stuck in a range and trading flat, as traders look ahead to the US CPI numbers and the US Federal Reserve’s policy meeting outcome later on Wednesday.

“Although the US Fed is expected to keep rates unchanged on Wednesday, but their forward guidance on the inflation will be closely watched and any surprises would lead to increased volatility in the financial market,” said Pranav Mer, vice president, EBG, commodity and currency research at JM Financial Services Ltd.



Source link

Related posts

Newly-engaged Matty Healy packs on the PDA with his fiancée Gabbriette Bechtel as he takes a cigarette break during the O2 Silver Clef Awards

D.William

Suspected smugglers were caught trying to hide $10 million of gold by painting it silver and disguising it as machinery on a cargo plane

D.William

Dhanteras 2024: What to buy — from gold and silver to clothes and electronics

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.