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Gold rises Rs 100; silver bounces Rs 350

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New Delhi, July 20 (PTI): Gold price edged up Rs 100 to Rs 60,800 per 10 gram in the national capital on Thursday amid strong cues in overseas markets, according to HDFC Securities.

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In the previous trade, the yellow metal had closed at Rs 60,700 per 10 gram. Silver also bounced Rs 350 to Rs 77,950 per kilogram.

In the international market, both gold and silver were trading higher at USD 1,982 per ounce and USD 25.23 per ounce, respectively.

Comex gold price advanced further following a weaker dollar index, and traders expect that the US Federal Reserve might soon hit pause on its interest rate-hiking cycle after increasing in July.

The Federal Reserve is expected to raise rates by 25 basis points at its meeting next week, a scenario that’s already discounted by bullion traders, Saumil Gandhi, senior analyst – Commodities at HDFC Securities, said.

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The Hills Times
The Hills Timeshttp://www.thehillstimes.in
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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