New Delhi: Gold prices rose from Rs 120 to Rs 72,550 per 10 gram in the national capital on Thursday amid strong trends globally, according to HDFC Securities.
The precious metal had ended at Rs 72,430 per 10 grams in the previous session.
Silver prices also increased from Rs 900 to Rs 92,300 per kg. It had been fixed at Rs 91,400 per kg on Wednesday.
"In Delhi markets, spot gold (24 karat) prices are trading at Rs 72,550 per 10 gram, up Rs 120 from the previous close," said Saumil Gandhi, research analyst at HDFC Securities.
In international markets, spot gold on Comex was trading at $2,332 per ounce, $5 higher than the previous close.
"Gold prices remained positive as US participants returned from the June 16 holiday with a buying sentiment. This was driven by weak retail sales data and lower inflation figures.
"Expectations of a rate cut in September are growing, but if any member of the US Federal Reserve hints at a delay beyond September, gains in gold are likely," said Jateen Trivedi, vice president of research, commodity and currency analyst at LKP Securities.
"...current support levels are bolstered by economic data, while any sign of prolonged higher rates could trigger selling pressure," Trivedi added.
Additionally, silver was trading higher at $30.15 an ounce. In the previous session it had closed at $29.40 per ounce.
"Gold prices are trading in positive territory as traders/investors become net buyers after a recent World Gold Council survey showed that most central banks would continue to diversify their reserves with gold, even at current high prices.
"Bullion was also supported by an increase in safe haven demand due to tension in the Middle East and political uncertainty in France," said Pranav Mer, Vice President of EBG - Commodities and Currency Research at JM Financial Services Ltd. .
The precious metal had ended at Rs 72,430 per 10 grams in the previous session.
Silver prices also increased from Rs 900 to Rs 92,300 per kg. It had been fixed at Rs 91,400 per kg on Wednesday.
"In Delhi markets, spot gold (24 karat) prices are trading at Rs 72,550 per 10 gram, up Rs 120 from the previous close," said Saumil Gandhi, research analyst at HDFC Securities.
In international markets, spot gold on Comex was trading at $2,332 per ounce, $5 higher than the previous close.
"Gold prices remained positive as US participants returned from the June 16 holiday with a buying sentiment. This was driven by weak retail sales data and lower inflation figures.
"Expectations of a rate cut in September are growing, but if any member of the US Federal Reserve hints at a delay beyond September, gains in gold are likely," said Jateen Trivedi, vice president of research, commodity and currency analyst at LKP Securities.
"...current support levels are bolstered by economic data, while any sign of prolonged higher rates could trigger selling pressure," Trivedi added.
Additionally, silver was trading higher at $30.15 an ounce. In the previous session it had closed at $29.40 per ounce.
"Gold prices are trading in positive territory as traders/investors become net buyers after a recent World Gold Council survey showed that most central banks would continue to diversify their reserves with gold, even at current high prices.
"Bullion was also supported by an increase in safe haven demand due to tension in the Middle East and political uncertainty in France," said Pranav Mer, Vice President of EBG - Commodities and Currency Research at JM Financial Services Ltd. .
