Gold jumps Rs 433; silver zooms Rs 990 amid strong global trends
Gold prices jumped by Rs 433 to Rs 57,025 per 10 grams on Friday amid a rally in the metal in the global markets, according to HDFC Securities.
The precious metal had ended at Rs 56,592 per 10 grams in the previous trade.
Silver also zoomed Rs 990 to Rs 69,208 per kg.
''Spot gold prices in the Delhi markets traded at Rs 57,025 per 10 grams, up Rs 433 per 10 grams,'' said an analyst at HDFC Securities.
In the overseas markets, both gold and silver were trading in green at USD 1,932 per ounce and USD 24.02 per ounce, respectively.
Comex gold prices traded up in Asian hours on Friday supported by safe-haven demand as weak US economic readings and hawkish comments from Federal Reserve members fuelled recession worries, the analyst said.
''Market participants are anticipating a 25 bps rate hike in the February meet, lower than the previous meetings, this is weighing on the US yields as well supporting bullion,'' said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)