Gold prices jump ₹440; silver prices rally ₹1,050 amid strong global trends
The prices of gold has jumped by ₹440 to ₹60,820 per 10 grams in the national capital on Friday amid strong global trends
In the previous trade, the precious metal had ended at ₹60,380 per 10 grams. The prices of silver also zoomed ₹1,050 to ₹74,350 per kilogramme.
“Gold prices edged higher in the Asian trading hours on Friday, with spot gold prices in the Delhi markets trading at ₹60,820/10 grams, up ₹440 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
both gold and silver were trading higher at $1,964 per ounce and $24.35 per ounce, respectively.
The dollar retreated after a spike in weekly jobless claims raised hopes that a peak in US interest rates was nearby, boosting the precious metals rally, Gandhi said.
Gold eased on Friday on a stronger dollar, but held close to the previous session’s highs en route to a weekly gain helped by bets that the Federal Reserve could soon pause interest rate hikes.
In the overseas markets, spot gold fell 0.3% to $1,962.34 per ounce by 5:52 a.m. ET (0952 GMT), but headed for a 0.8% weekly climb, having jumped about 1.5% after a surge in US weekly jobless claims. US gold futures held steady at $1,978.20.
The dollar index was up 0.2%, yet hovered close to Thursday’s lows. A stronger dollar makes gold expensive for overseas buyers.
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Updated: 09 Jun 2023, 05:01 PM IST
