Gold climbs Rs 350; silver jumps Rs 200

Gold price climbed Rs 350 to Rs 67,350 per 10 grams in the national capital on Thursday amid strong trends in the international markets, according to HDFC Securities. Extending its gains for the second straight session, the price of the precious metal had settled at Rs 67,000 per 10 grams in the previous trade.

Silver also jumped Rs 200 to Rs 77,450 per kg. In the previous close, it had ended at Rs 77,250 per kg.

“Gold prices advanced on Thursday before the outcome of crucial US macro data. Spot gold prices (24 carats) in the Delhi markets are trading at Rs 67,350 per 10 grams, up by Rs 350 taking positive global cues,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at USD 2,194 per ounce, up by USD 14 from the previous close.

“Gold prices were trading higher amidst positive sentiment regarding interest rates, but the rise in the dollar index could exert pressure on the yellow metal prices.

“Strong resistance is observed around the USD 2,200-2,215 range,” Jateen Trivedi, VP Research Analyst at LKP Securities, said. Silver was also marginally higher at USD 24.55 per ounce. In the previous trade, it had finished at USD 24.50 per ounce.

“Gold is seen trading steady to positive, but gains are capped by a firm dollar against major currencies, while some caution is seen ahead of the US GDP and the Personal Consumption Expenditures (PCE) inflation data, due on Thursday and Friday,” Pranav Mer, VP, EBG – Commodity & Currency Research at JM Financial Services Ltd, said.