Gold rises Rs 100; silver remains flat

Gold rose by Rs 100 to Rs 60,450 per 10 gram in the national capital on Monday amid jump in precious metal prices globally, according to HDFC Securities. The yellow metal had settled at Rs 60,350 per 10 gram in the previous trade.

However, silver remained flat at Rs 77,000 per kg.

“Gold rose on Monday, with spot gold in the Delhi markets trading at Rs 60,450/10 gram, up by Rs 100, taking positive cues from overseas markets,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In MCX, gold prices also exhibited a sideways trend, closely following Comex.

The absence of significant data can support prices, combined with the weakness of the rupee due to the surge in crude oil prices, providing support to gold prices in MCX, said Jateen Trivedi, VP Research Analyst at LKP Securities.

In the international markets, gold was trading higher at USD 1,945 per ounce while silver was marginally down at USD 24.17 per ounce.
“Gold price firmed, buoyed by hopes that the Federal Reserve would take a pause from interest rate hikes this year after US data showed a jump in unemployment rate, but bullion held below last session’s one-month highs on a strong dollar and yields,” said Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price