Gold rallies Rs 750 to record Rs 63,500/10gm
Weaker dollar, hopes on lower interest rates by US Fed reinforced bets on Comex gold
New Delhi: Gold price rallied Rs750 to Rs63,500 per 10 grams in the national capital on Wednesday amid strong global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs62,750 per 10 grams. Silver also zoomed Rs800 to Rs79,000 per kilogram.
“Gold prices surged on Wednesday, trading at an all-time high of Rs63,500 per 10 gram, up Rs750 following a bullish trend in overseas markets,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities. In the overseas markets, gold and silver were trading higher at $2,041 per ounce and $24.95 per ounce, respectively. Spot gold at Comex was trading at $2,041 per ounce, up $27 from the previous close. Weaker dollar and statements from a Federal Reserve official reinforced bets that the central bank will begin lowering interest rates next year, which boosted traders' sentiment and pushed Comex gold up.