Strong global cues propelling bullion prices up

New Delhi: Gold price jumped Rs300 to Rs63,100 per 10 grams in the national capital on Wednesday amid strong cues in international markets, according to HDFC Securities.

The precious metal had closed at Rs62,800 per 10 grams in the previous trade. Silver also rallied Rs800 to Rs78,500 per kilogram. In its previous close, it had settled at Rs77,700 per kg. In the futures trade, February contract of gold advanced Rs112 to Rs62,588 per 10 grams on the MCX. Also, March contract of silver bounced Rs110 to Rs74,934 per kg on the exchange.

In the global markets, gold and silver were quoting higher at $2,040 per ounce and $24.07 per ounce, respectively. HDFC Securities’ senior analyst of commodities Saumil Gandhi said, “gold extended their gains as traders maintained bets that the US Federal Reserve will start cutting interest rates by next year, despite pushbacks from central bankers on such expectations.”