Gold jumps Rs 250; silver zooms Rs 900

Gold price jumped Rs 250 to Rs 60,600 per 10 grams in the national capital on Thursday amid strong global cues, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 60,350 per 10 grams.

Silver also zoomed Rs 900 to Rs 77,900 per kilogramme.

Gold advanced on Thursday, with spot gold prices in the Delhi markets trading at Rs 60,600/10 grams, up by Rs 250 per 10 grams, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the international market, gold and silver were trading higher at USD 1,980 per ounce and USD 25.03 per ounce, respectively.

As expected, the US Federal Reserve raised the Fed fund rate by 25 basis points to the 5.25-5.50 per cent range and kept its options going forward open as it made the future cases depending on incoming data.

Traders will look forward to today’s the European Central Bank monetary policy decision as the central bank is widely expected to hike the key rate by 25 basis points. However, the focus will be on future rate hike possibilities, Praveen Singh – Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.