New Delhi: Gold price rose by Rs 50 to Rs 75,100 per 10 gram in the national capital on Thursday driven by jeweler buying and a firm trend in international markets, according to the All India Sarafa Association.
The precious metal had settled at Rs 75,050 per 10 grams on Wednesday.
Silver prices also rose by Rs 100 to Rs 94,500 per kg. It had closed at Rs 94,400 per kg in the previous session.
In sarafa markets, the yellow metal was trading at Rs 75,100 per 10 grams, an increase of Rs 50 from the previous close, the association said.
Traders said gold rebounded due to fresh demand from local jewelers and a firm trend in overseas markets.
In global markets, spot gold was trading higher at $2,389.20 per ounce, up $9.50 per ounce.
Gold prices firmed for the third straight session and investors await US inflation data due later in the day for more information on the Federal Reserve's interest rate path, Manav Modi said , Senior Commodities Research Analyst at Motilal Oswal Financial Services Ltd (MOFSL).
US Federal Reserve Chairman Jerome Powell mentioned on Wednesday that the US central bank would make decisions on interest rates "when and as" they are necessary. He told House members that "more good data" would justify a rate cut.
Addressing lawmakers in Washington on Wednesday, Powell said he is confident inflation is headed downward, however, he emphasized that the Federal Reserve has more work to do.
Investors are awaiting the release of June consumer price index (CPI) data later on Thursday and Friday's producer price index (PPI) report, which could bring clarity to the future trajectory of the Fed's monetary policy, Modi added.
Silver also rose marginally to $31.32 an ounce in New York.
"Gold continues to trade positively, supported by US dollar weakness and a drop in Treasury yields following the Federal Reserve chair's comments on inflation and interest rates.
"However, prices are stuck in a range so far this session amid caution ahead of CPI data to clarify the US Federal Reserve's easing path," said Pranav Mer, Vice President of Research (Commodities and Currencies) at BlinkX and JM Financial. .
According to market experts, the precious metal continues to rise on Thursday as data emerges indicating that central banks around the world continue to hoard gold despite the revelation that the People's Bank of China stopped buying the metal for two months in June.
The precious metal had settled at Rs 75,050 per 10 grams on Wednesday.
Silver prices also rose by Rs 100 to Rs 94,500 per kg. It had closed at Rs 94,400 per kg in the previous session.
In sarafa markets, the yellow metal was trading at Rs 75,100 per 10 grams, an increase of Rs 50 from the previous close, the association said.
Traders said gold rebounded due to fresh demand from local jewelers and a firm trend in overseas markets.
In global markets, spot gold was trading higher at $2,389.20 per ounce, up $9.50 per ounce.
Gold prices firmed for the third straight session and investors await US inflation data due later in the day for more information on the Federal Reserve's interest rate path, Manav Modi said , Senior Commodities Research Analyst at Motilal Oswal Financial Services Ltd (MOFSL).
US Federal Reserve Chairman Jerome Powell mentioned on Wednesday that the US central bank would make decisions on interest rates "when and as" they are necessary. He told House members that "more good data" would justify a rate cut.
Addressing lawmakers in Washington on Wednesday, Powell said he is confident inflation is headed downward, however, he emphasized that the Federal Reserve has more work to do.
Investors are awaiting the release of June consumer price index (CPI) data later on Thursday and Friday's producer price index (PPI) report, which could bring clarity to the future trajectory of the Fed's monetary policy, Modi added.
Silver also rose marginally to $31.32 an ounce in New York.
"Gold continues to trade positively, supported by US dollar weakness and a drop in Treasury yields following the Federal Reserve chair's comments on inflation and interest rates.
"However, prices are stuck in a range so far this session amid caution ahead of CPI data to clarify the US Federal Reserve's easing path," said Pranav Mer, Vice President of Research (Commodities and Currencies) at BlinkX and JM Financial. .
According to market experts, the precious metal continues to rise on Thursday as data emerges indicating that central banks around the world continue to hoard gold despite the revelation that the People's Bank of China stopped buying the metal for two months in June.
