Gold jumps Rs 120; silver surges Rs 900 amid strong global cues

Gold prices jumped Rs 120 to Rs 72,550 per 10 grams in the national capital on Thursday amid strong trends globally, according to HDFC Securities.

The precious metal had ended at Rs 72,430 per 10 grams in the previous session.

Silver prices also surged Rs 900 to Rs 92,300 per kg. It had settled at Rs 91,400 per kg on Wednesday.

“In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,550 per 10 grams, up by Rs 120 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at $2,332 per ounce, up $5 from the previous close.

“Gold prices remained positive, as US participants returned from the Juneteenth holiday with a buying sentiment. This was driven by weak retail sales data and lower inflation figures.

“Expectations for a rate cut in September are growing, but if any US Fed members hint at a delay beyond September, profit booking in gold is likely,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.

“…current support levels are reinforced by economic data, while any signals of prolonged higher rates could trigger selling pressure,” Trivedi added.

Additionally, silver was quoting higher at $30.15 per ounce. In the previous session, it had closed at $29.40 per ounce.

“Gold prices are trading in positive territory as traders/ investors turn net-buyers after a recent World Gold Council survey showed most of the central banks would continue to diversify their reserves with gold, even at current high prices.

“The bullion was also supported by a rise in safe-haven demand due to the Middle East tension and political uncertainty in France,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, said.