Silver Extends Gains For The Fourth Straight Day

Silver prices rallied by Rs 1,400 and extended gains for the fourth day. Gold prices rose by Rs 800 in the national capital on Friday. This comes amid a rally in precious metal rates in the international markets, according to HDFC Securities.

Gold was priced at Rs 73,350 per 10 grams in Delhi. In the previous session, the yellow metal had closed at Rs 72,550 per 10 grams.

Silver prices rose to Rs 93,700 per kg in the national capital and had ended at Rs 92,300 per kg on Thursday.

"In Delhi markets, spot gold prices (24 carats) are trading at Rs 73,350 per 10 grams, up by Rs 800 from the previous close," Saumil Gandhi, research analyst at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at $2,360 per ounce, up $28 from the previous close.

Gold climbed on Friday, boosted by weaker-than-expected US macro data, which raised the possibility that the US Federal Reserve will cut interest rates at least twice in 2024, Gandhi said.

Silver was also quoted higher at $30.40 per ounce. It had settled at $30.15 per ounce on Thursday.

"Gold trades steady to positive as selling across risk assets have pushed traders/investors towards the safe-haven bullion," Pranav Mer, vice president of research (commodity and currency) at BlinkX and JM Financial Services, said.

According to Chintan Mehta, chief executive officer at Abans Holdings, traders will be waiting for the upcoming data, including Manufacturing PMI and Services PMI from the UK, Europe, and the US to be released later on Friday.

Traders will also keep an eye on statements from members of the US Federal Reserve and developments in geopolitical affairs, said Mehta.

(With Inputs From PTI)