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.