Futures recover on firm spot demand
New Delhi: Gold price jumped Rs50 to Rs61,700 per 10 grams in the national capital on Wednesday, according to HDFC Securities. In the previous trade, the precious metal had finished at Rs61,650 per 10 grams.
“Gold traded firm on Wednesday, up by Rs50 against its previous close. Meanwhile, in the domestic market the demand of gold retail jewellery is likely to improve ahead of the festive season,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.
Silver, meanwhile, remained flat at Rs74,500 per kilogram. In the overseas markets, both gold and silver were down at $1,974 per ounce and $22.88 per ounce, respectively. Gold price fluctuated in a narrow range as traders awaited more cues on the macro front and US Federal Reserve Chair Jerome Powell’s speech due later on Wednesday, Gandhi said.
