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Gold, silver prices rally on global cues

Gold, silver prices rally on global cues

New Delhi: Gold prices jumped Rs350 to Rs63,320 per 10 grams in the national capital on Friday amid strong trends in the global markets, according to HDFC Securities. The precious metal closed at Rs62,970 per 10 grams in the previous trade. Silver also rallied Rs400 to Rs74,500 per kg, while it settled at Rs74,100 per kg in the previous close.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs63,320 per 10 grams, up by Rs350, taking bullish cues in the overseas market,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

In the international markets, spot gold at Comex was trading at $2,045 per ounce, up by $11 from the previous close. Following the release of the Personal Consumption Expenditure (PCE) price index data, which indicated signs of slowing inflation in the US and raised expectations of a monetary policy rate cut by the Federal Reserve later this year, Gandhi said. After the release of the data, the yellow metal prices surged to a four-week high, he added. Silver was also up at $22.60 per ounce, while it had ended at $22.50 per ounce in the previous close.

Investors will also look forward to the release of major macro data, including global US manufacturing PMI (January) and ISM manufacturing (February) which will shape the expectations for the Fed’s monetary policy rate outlook and further direction for the gold prices, Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

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