Gold rises Rs 80; silver climbs Rs 100

Gold prices rose Rs 80 to Rs 72,430 per 10 grams in the local market on Wednesday in line with firm trends in the international markets, according to HDFC Securities. The precious metal had closed at Rs 72,350 per 10 grams on Tuesday.

Silver prices also climbed Rs 100 to Rs 91,400 per kg. It had ended at Rs 91,300 per kg in the previous session.

“In Delhi markets, spot gold prices (24 carat) are trading at Rs 72,430 per 10 grams, up by Rs 80 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at USD 2,327 per ounce, up USD 8 from the previous close.

Gold traded slightly positive on Wednesday, after weaker than expected US retail sales data, which drove the bullion prices in a positive direction, Gandhi added. In addition, silver was up at USD 29.40 per ounce. In the previous session, it had finished at USD 29.35 per ounce. “…the US Fed’s stance on cutting rates remains hawkish, recent data on the US Consumer Price Index (CPI) and retail sales suggest that interest rate cuts may be on the horizon, especially with the US election approaching in the second half of 2024,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.