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Tuesday, May 21, 2024

Gold, silver prices rebound on bullish global trend

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NEW DELHI, May 10: Gold and silver prices rebounded sharply on Friday after falling for two straight sessions, with the yellow metal jumping Rs 950 to cross the Rs 73,000-mark in the national capital amid a bullish global trend and strong domestic demand on the Akshaya Tritiya festival.

According to HDFC Securities, the precious metal climbed by Rs 950 to Rs 73,200 per 10 grams. It had closed at Rs 72,250 per 10 grams in the previous trade.

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Silver prices also surged by Rs 2,300 to Rs 85,500 per kg. In the previous close, it had ended at Rs 83,200 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,200 per 10 grams, up by Rs 950, amid a bullish trend in the overseas markets.

“During the auspicious occasion of Akshaya Tritiya, retail demand is going to rise as people will buy gold coins, bars, and jewellery,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at USD 2,360 per ounce, up by USD 52 from the previous close.

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Gold rose after the latest unemployment claims data revealed more indications of a slowing labour market, increasing confidence that the US Federal Reserve will be able to begin cutting interest rates this year, Gandhi said.

Silver was also trading higher at USD 28.60 per ounce. It had finished at USD 27.50 per ounce in the previous session.

“Gold is driven higher by rise in festive demand in India with additional support from a weaker US dollar, which is down on rising bets for an early rate cut by the US Federal Reserve.

“Amid geopolitical issues and mixed momentum in global equities too is seen supportive to the bullion prices,” Pranav Mer, Vice President of Research (Commodity & Currency) at BlinkX and JM Financial, said. (PTI)

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