The price of gold rose by 510 to Rs.60,210 per 10 grams in the nation’s capital on Friday as a result of encouraging indications from international markets.
The yellow metal had a previous trade settlement of 59,700 per 10 grams. Likewise, silver increased by 450 to 73,050 per kg.
According to Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, “Gold advanced in the Asian trading hours on Friday, with spot gold in the Delhi markets trading at 60,210/10 gram, up 510 per 10 gram.”
The price of the yellow metal increased on Friday in international markets as the dollar remained close to a month-low, but gains were constrained by predictions of additional U.S. interest rate increases this year.
By 12:17 GMT, spot gold was up 0.5%, to $1,967.29 per ounce, for a 0.3% weekly gain. At $1,978.20, U.S. gold futures were up 0.4%.
Gandhi noted the president of the European Central Bank’s hawkish remarks, which imply another interest rate increase in July, and the poor economic statistics from the US.
With the currency weakening following another ECB rate hike, spot gold prices started to rise. Additionally, weak economic data fueled hopes for a future Fed policy that was less aggressive, according to ICICI Securities.
“Spot gold is anticipated to sustain support near $1950 levels and increase further to $1975 in the face of dollar weakness and ahead of important US economic data. Additionally, weak US economic data fueled investor predictions that the Fed’s campaign of rate hikes was about to come to a close. As long as it remains above 59250, MCX gold is projected to climb north towards 59650 levels, it continued.
Silver was down at USD 25.45 per ounce while gold was trading higher at USD 2,024 per ounce on the international market.
According to Sriram Iyer on Tuesday, Senior Research Analyst at Reliance Securities as investor’s awaited crucial US inflation figures this week that may have an impact on the Fed’s decision to raise interest rates, Comex gold prices rose throughout the Asian trading session.
