Gold gains Rs 59; silver declines Rs 194

Fear of global growth slowdown amidst the rapid interest hikes and geo-political concerns between Russia-Ukraine is supporting the safe haven appeal for both these metals. The market participants will keep their eyes on the US GDP Q3 and weekly US jobless claim numbers due later in the day, Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.

Gold price rose Rs 59 to Rs 55,241 per 10 grams in the national capital on Thursday amid gains in precious metal in overseas markets, according to HDFC Securities.

In the previous trade, the yellow metal had touched Rs 55,182 per 10 grams.

Silver, however, slipped Rs 194 to Rs 69,413 per kilogram.

''Spot gold prices in the Delhi markets traded at Rs 55,241/10 grams, up Rs 59/10 grams. Gold prices in the last few session consolidated in a narrow range as investors are awaited US GDP data for further direction,'' Dilip Parmar, Research Analyst at HDFC Securities, said.

In the international market, gold was trading in green at USD 1,816.7 per ounce while silver was marginally down at USD 23.84 per ounce. ''Fear of global growth slowdown amidst the rapid interest hikes and geo-political concerns between Russia-Ukraine is supporting the safe haven appeal for both these metals. ''The market participants will keep their eyes on the US GDP (Q3) and weekly US jobless claim numbers due later in the day,'' Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.