Gold jumps ₹433; silver zooms ₹990 amid strong global trends
The Hindu
The precious metal had ended at ₹56,592 per 10 grams in the previous trade.
Gold prices jumped by ₹433 to ₹57,025 per 10 grams on Friday amid a rally in the metal in the global markets, according to HDFC Securities.
The precious metal had ended at ₹56,592 per 10 grams in the previous trade.
Silver also zoomed ₹990 to ₹69,208 per kg.
"Spot gold prices in the Delhi markets traded at ₹57,025 per 10 grams, up ₹433 per 10 grams," said an analyst at HDFC Securities.
In the overseas markets, both gold and silver were trading in green at $1,932 per ounce and $24.02 per ounce, respectively.
Comex gold prices traded up in Asian hours on Friday supported by safe-haven demand as weak U.S. economic readings and hawkish comments from Federal Reserve members fuelled recession worries, the analyst said.
"Market participants are anticipating a 25 bps rate hike in the February meet, lower than the previous meetings, this is weighing on the U.S. yields as well supporting bullion," said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.
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