New Delhi: Gold prices surged by Rs850 to reach a new peak of Rs70,050 per 10 grams on Thursday on strong global cues, according to HDFC Securities. This is the second straight session that precious metal prices have hit all-time high levels. In the previous trade, the precious metal had settled at Rs69,200 per 10 grams. Silver prices also zoomed Rs1,000 to hit record Rs81,700 per kg.
In the previous session, it had finished at Rs80,700 per kg. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs70,050 per 10 grams, up by Rs850, amid a bullish trend in the overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the international markets, spot gold at COMEX was trading at $2,297 per ounce, up by $22 from the previous close. Gold touched yet another record after Federal Reserve Chair Jerome Powell confirmed that an interest rate cut would likely be appropriate “at some point this year”. Traders focus on rate cuts rather than the timing of the first rate cut, Gandhi said. Silver was also trading higher at $27.05 per ounce. It had closed at $26.25 per ounce in the previous session.
