Gold prices rise in India
However, the silver prices declined by Rs 400 to Rs 74,500 per kg
New Delhi: Gold prices on Wednesday rose by Rs 150 to Rs 65,150 per 10 grams in the national capital amid strong global cues, according to HDFC Securities.
Extending gains for the second straight day, the precious metal touched a fresh lifetime of Rs 65,150 per 10 grams. In the previous trade, the precious metal had closed at Rs 65,000 per 10 grams.
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However, silver prices declined by Rs 400 to Rs 74,500 per kg. In the previous close, it had settled at Rs 74,900 per kg.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,150 per 10 grams, up by Rs 150, taking bullish cues from the overseas markets,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at USD 2,122 per ounce, up by USD 12 from the previous close.
“Helped by continued strong buying momentum on the expectations of a Fed pivot in June, spot gold hit a fresh record high of USD 2,041.84 per ounce before it settled with a gain of 0.61 per cent at USD 2,128 on Tuesday.
“The yellow metal posted its fifth consecutive gain as the key US macroeconomic data fell short of forecast,” Praveen Singh – Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.
However, silver was quoting lower at USD 23.75 per ounce against its last close of USD 23.88 per ounce.
“Market participants are closely monitoring the testimony of Federal Reserve Chair Jerome Powell on Wednesday, as it is expected to provide further insights into the Fed’s projection regarding monetary policy interest rate cuts in the US.
“This event could potentially influence gold prices in the near term, as market sentiment and expectations regarding monetary policy shifts often have a notable impact on precious metal prices.” Jateen Trivedi, VP Research Analyst at LKP Securities, said.
