Gold climbs Rs 1,100, silver soars Rs 4,000

New Delhi: Gold prices climbed Rs 1,100 to Rs 1,39,440 per 10 grams in the national capital amid firm trends in international markets, according to the marketmen. Silver prices also surged by Rs 4,000 to Rs 2,41,400 per kilogram. In the international market, spot gold increased by $67.47, or 1.56 per cent, to $4,392.94 per ounce. Spot gold is trading with a gain of over 1 per cent at $4,390.

As the move lacks any clear reason behind it, the rationale could be rate cut expectations by the US Federal Reserve and optimistic outlook for the metal, Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.

In the near-term outlook, Singh said that “Gold is expected to range trade between $4,250-4,335 per ounce, ahead of the release of key US reports, including ISM manufacturing, ISM non-manufacturing and non-farm payroll report to be released next week”.