Gold rise Rs 1,200, silver soars Rs 2,300

New Delhi: Gold prices surged Rs 1,200 to hit near a two-week high of Rs 1,30,100 per 10 grams in the national capital, tracking a rally in the international markets, according to the All India Sarafa Association. Analysts said the rise was mainly driven by renewed expectations of interest-rate cuts by the US Federal Reserve next month.

The precious metal of 99.5 per cent purity also advanced by Rs 1,200 to Rs 1,29,500 per 10 grams. On November 13, gold of 99.9 per cent and 99.5 per cent closed at Rs 1,30,900 and Rs 1,30,300 per 10 gram levels, respectively.

Silver prices also gained momentum for the second straight day, surging Rs 2,300 to Rs 1,63,100 per kilogram. In the global markets, spot gold climbed by $33.50, or 0.81 per cent, to $4,164.30 per ounce.

“Gold extended its gains on Wednesday, climbing to a two-week high amid growing optimism over potential Federal Reserve rate cuts.

“Softer US macroeconomic data further strengthen expectations of a possible cut next month, following recent dovish comments from two Fed officials,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.