Gold rises Rs 300; silver jumps Rs 500
Precious metal rose to Rs 73,050/ 10 gm; Silver prices also jumped to Rs 85,700/kg
New Delhi: Gold price rose Rs300 to Rs73,050 per 10 grams in the national capital on Monday in line with firm trends in the global markets, according to HDFC Securities. The precious metal had closed at Rs72,750 per 10 grams in the previous session. Silver prices also jumped Rs500 to Rs85,700 per kilogram. In the previous trade, it had ended at Rs85,200 per kilogram.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs73,050 per 10 grams, up Rs300, taking positive cues from overseas markets,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.
“Focus will be on European Union’s IIP (Index of Industrial Production) and US Retail sales data to be release on Monday which will provide further direction on the bullion prices,” added Navneet Damani, senior V-P (commodity research) at Motilal Oswal Financial Services.
In the international markets, spot gold at Comex was trading at $2,355 per ounce, up $12 from the previous close. Gold resumed trading on a positive note, mainly lifted by safe haven buying after the escalation in the conflict between Iran and Israel over the weekend. Iran’s attack on Israel reduced investor’ appetite for risky assets, and increased demand for safe haven assets like bullion, Gandhi said. Additionally, silver prices were trading higher at $28.25 per ounce. In the previous session, it had finished at $27.84 per ounce.
According to market analysts, recent US inflation data diminished the possibility of a interest rate cut in June by the US Federal Reserve. However, it will be critical to monitor the geopolitical landscape and whether other nations choose to intervene, so as to intensify the crisis.
