Gold climbs Rs 680; silver rallies Rs 1,400
The yellow metal had closed at Rs 72,820 per 10 grams in the previous session
By Newsmeter Network Published on 6 Jun 2024 12:06 PM GMT
New Delhi: Gold prices jumped Rs 680 to Rs 73,500 per 10 grams in the local market on Thursday amid a jump in the precious metal rates internationally, according to HDFC Securities.
The yellow metal had closed at Rs 72,820 per 10 grams in the previous session.
Silver also rallied by Rs 1,400 to Rs 93,300 per kg against Rs 91,900 per kg in the previous session.
"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,500 per 10 grams, up by Rs 680, taking bullish cues from the overseas market," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the global markets, spot gold at Comex was trading at USD 2,360 per ounce, up USD 28 from the previous close.
A pullback in the US Treasury yield and mixed US macroeconomic data led to an uptick in gold prices. The European Central Bank is likely to cut interest rates on Thursday in its policy meeting, which could support gold prices, Gandhi said.
Silver also trading higher at USD 30.30 per ounce. It had settled at USD 29.75 per ounce in the previous close.
"Gold and silver prices gained as bond yields fell after weaker-than-expected US private payrolls data bolstered expectations that the US Federal Reserve would cut interest rates later this year.
"Further, downbeat US ADP non-farm employment data increased the possibility of the rate cuts which supported bullion prices," Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd, said.
