Silver Surges While Gold Glimmers Amid Bullish Global Trends

Silver prices spiked by Rs 2,600 to Rs 95,900 per kg in the national capital, while gold saw a modest rise of Rs 150, in line with firm global trends. Market analysts attribute these gains to weakening US macro data, expectations for interest rate cuts, and bullish cues from the overseas market.

In a significant market rally, silver prices soared by Rs 2,600 to reach Rs 95,900 per kg in the national capital on Friday. This sharp increase follows a previous close of Rs 93,300 per kg, marking a trend of rising precious metal prices.

Gold, on the other hand, experienced a more modest climb. Prices went up by Rs 150, settling at Rs 73,650 per 10 grams, up from Rs 73,500 in the previous session. According to Saumil Gandhi, Senior Analyst at HDFC Securities, spot gold prices in Delhi are trading at Rs 73,650 per 10 grams, influenced by bullish overseas trends and a soft US dollar.

International markets reflected similar positive trends. Spot gold at Comex was trading at USD 2,366 per ounce, a rise of USD 6 from the last close. Silver also traded higher at USD 31.05 per ounce, up from USD 30.30 per ounce on Thursday. Analysts, including Jateen Trivedi from LKP Securities, believe the upward movement is driven by weak US macro data and expectations of interest rate cuts from major central banks.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)