Gold inches up by Rs 65; silver jumps Rs 298
New Delhi: Gold prices on Friday inched up by Rs 65 to Rs 49,551 per 10 grams in the national capital reflecting gains in the international rates, according to HDFC Securities.
The gold prices had closed at Rs 49,486 per 10 grams in the previous trade. Silver prices also jumped Rs 298 to Rs 61,232 per kg, compared with the previous close of Rs 60,934 per kg.
"Spot gold prices for 24 carat gold at Delhi were trading up by Rs 65 reflecting overnight gains made in international gold prices limiting upside on rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. An appreciation in the rupee against the US dollar limited the gains in gold prices. The spot rupee was trading around 10 paise stronger versus the dollar during the day, he added. In the international market, the gold prices were trading marginally higher at $1,868 an ounce and silver was up at $24.15 an ounce.
On the outlook, Reliance Securities Senior Research Analyst Sriram Iyer said: "We see some more consolidation to correction for gold prices due to the strength of the US dollar. However, we feel that this is a buying opportunity." He added that the medium-to-long-term outlook is bullish, as to emerge from the pandemic-induced crisis, the US and Europe could launch fresh stimulus to support their economies.