New Delhi: Extending gains for second straight session, gold prices on Tuesday climbed by Rs200 to Rs72,450 per 10 grams in the national capital in line with firm trends in the global markets, according to HDFC Securities.
In the previous session, the precious metal had closed at Rs72,250 per 10 grams. Silver prices also jumped by Rs700 to Rs85,000 per kg. It had settled at Rs84,300 per kg in the previous session.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs72,450 per 10 grams, up by Rs200, taking positive cues from the overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at $2,319 per ounce, up by $7 from the previous close. “Gold moved higher on indications that the US Federal Reserve could cut interest rates this year. The dovish remarks from the US policymakers have boosted hopes for the interest rate cuts. “Furthermore, rising geopolitical concerns in the Middle East also provided support for gold. Israel’s rejection of a Hamas-backed cease-fire proposal to end the fighting in Gaza sparked the demand for safe haven assets,” Gandhi said. Silver was also marginally up at $27.25 per ounce.