Gold Prices Rise By Rs 370, Silver Sees Rs 600 Spurt Amid Global Price Hike

Gold prices rose by Rs 370 to reach Rs 72,550 per 10 grams in New Delhi on Friday, due to an increase in global prices of precious metals, reported HDFC Securities.

The yellow metal prices had settled at Rs 72,180 per 10 grams on Thursday.

Silver prices also rose by Rs 600 to Rs 91,200 per kg. It had closed at Rs 90,600 per kg in the previous session.

"In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,550 per 10 grams, up by Rs 370 from the previous close," Saumil Gandhi, research analyst at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at $2,322 per ounce, up by $17 from the previous close.

Gold climbed for the first time in three days, boosted by recent US jobless data, which suggested that the US labour market was weakening from its tight levels during the post-pandemic recovery, supporting the voice of early interest rate cuts by the Federal Reserve, Gandhi said.

In addition, silver was quoted higher at $29.20 per ounce. In the previous session, it had ended at $28.94 per ounce.

According to Praveen Singh, associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas, traders will be awaiting the upcoming US Personal Consumption Expenditures inflation data, the Fed’s preferred gauge of inflation, which will be released later on Friday, which will be crucial for the bullion prices.

Overall, the outlook is still bearish in the short term on hawkish statements from the Federal Reserve, inflation concerns and a firm US dollar, Singh added.

(With inputs from PTI)