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Gold rises Rs 100; silver plunges Rs 350

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NEW DELHI, Dec 27: Gold prices rose Rs 100 to Rs 63,850 per 10 grams in the national capital on Wednesday amid a bullish trend in the global markets, according to HDFC Securities.

In the previous close, the precious metal had closed at Rs 63,750 per 10 grams.

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However, silver plunged Rs 350 to Rs 79,100 per kilogram, while it had finished at Rs 79,450 per kg in the previous trade.

Saumil Gandhi, senior analyst of commodities at HDFC Securities, said gold prices edged higher on Wednesday, in the Delhi markets trading at Rs 63,850/10 grams, up by Rs 100 following a bullish trend in the overseas markets.

In the futures trade on the MCX, the February contract of gold jumped Rs 334 to Rs 63,359 per 10 grams. Also, the March contract of silver bounced Rs 109 to Rs 75,135 per kilogram on the bourse.

In the international markets, gold was trading higher at USD 2,067 per ounce, while silver was down at USD 24.15 per ounce.

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“Gold prices continue to inch higher, as soft inflation data fuelled more bets on early interest rate cuts in 2024 and weighed on the dollar index and US treasury yields,” Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said. (PTI)

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