Gold prices surged by Rs 250 to reach Rs 63,000 per 10 grams in the national capital on Friday, riding the wave of a global rally in the precious metal, as reported by HDFC Securities. In the previous trading session, the yellow metal had closed at Rs 62,750 per 10 grams. Concurrently, silver also experienced an uptick, rising by Rs 400 to Rs 76,000 per kg from its previous close at Rs 75,600 per kg.
Breaking a three-day losing streak, spot gold prices (24 carats) in Delhi are currently trading at Rs 63,000 per 10 grams, marking a gain of Rs 250. This surge is attributed to a recovery in overseas markets, as mentioned by Saumil Gandhi, senior analyst of commodities at HDFC Securities.
In international markets, gold was trading higher at USD 2,027 per ounce, compared to its previous close at USD 2,010 per ounce. Similarly, silver showed a marginal increase, reaching USD 22.81 per ounce.
The ongoing uncertainty surrounding the Middle East conflict has contributed to a safe-haven demand for gold prices. Additionally, investors are closely monitoring the Federal Reserve's stance on interest rates in light of positive economic data from the United States, as highlighted by Navneet Damani, Senior VP of commodity research at Motilal Oswal Financial Services. This combination of factors has driven the upward momentum in gold prices.
(With Agency Inputs)
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