Bullion prices further up

New Delhi: Gold climbed Rs150 to Rs63,100 per 10 grams in the national capital on Friday amid a rise in precious metal prices internationally, according to HDFC Securities. In its previous close, the yellow metal had settled at Rs62,950 per 10 grams. Silver also rallied Rs700 to Rs78,100 per kilogram, while it had closed at Rs77,400 per kg in the previous trade.

“Gold advanced on Friday, in the Delhi markets trading at Rs63,100/10 grams, up by Rs150, following a bullish trend in the overseas markets,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

In the futures trade, the February contract of gold gained Rs27 to Rs62,481 per 10 grams on the MCX. Also, the March contract of silver advanced Rs112 to Rs75,188 per kilogram on the bourse. In the global markets, gold and silver were trading higher at $2,037 per ounce and $24.19 per ounce, respectively. Spot gold at Comex was trading at $2,037 per ounce, up by $5 from its previous close in the overseas markets. “Following a drop in US bond yields, and the Federal Reserve’s stance that the central bank will begin cutting interest rates by March next year, bolstered the gold prices and extended its gains in the second consecutive session on Friday,” Gandhi said.