NEW DELHI: Gold prices climbed Rs 370 to Rs 72,550 per 10 grams in the national capital on Friday amid a rise in precious metal rates internationally, according to HDFC Securities.
The yellow metal prices had settled at Rs 72,180 per 10 grams on Thursday.
Silver prices also jumped Rs 600 to Rs 91,200 per kg. It had closed at Rs 90,600 per kg in the previous session.
“In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,550 per 10 grams, up by Rs 370 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.
In the overseas markets, spot gold at Comex was trading at USD 2,322 per ounce, up USD 17 from the previous close.
Gold climbed for the first time in three days, boosted by recent US jobless data which suggested the US labour market was weakening from its tight levels during the post-pandemic recovery, supporting the voice of early interest rate cuts by the Federal Reserve, Gandhi said.
In addition, silver was quoted higher at USD 29.20 per ounce. It had ended at USD 28.94 per ounce in the previous session.
According to Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, traders will be awaiting the upcoming US Personal Consumption Expenditures (PCE) inflation data, the Fed’s preferred gauge of inflation, going to be released later on Friday, which will be crucial for the bullion prices.
Overall, the outlook is still bearish in the short term on hawkish statements from the Federal Reserve, inflation concerns and a firm US dollar, Singh added. (PTI)