Gold price in the national capital rallied Rs 294 to Rs 52,663 per 10 grams on Friday amid a rise in price of the metal in the international market, according to Securities. In the previous trade, the yellow metal had closed at Rs 52,369 per 10 grams.
Silver also surged by Rs 638 to Rs 62,858 per kg.
“MCX Gold December future has surpassed the crucial resistance of Rs 52,100 and headed towards the next target of Rs 52,600,” said Vinay Rajani, Research Analyst at HDFC Securities.
In the international market, gold was trading higher at USD 1,761 per ounce while silver was up at USD 21.89 per ounce.
“Gold price stuck to a two-and-a-half month high and were set for their best week in over eight months as signs of cooling US inflation drove up hopes that the Fed will trim its pace of interest rate hikes in the coming months,” said Navneet Damani, Senior VP – Commodity Research at
.
“The recent rise has been due to lower than expected US inflation data announced on 10th November evening,” Rajani added. PTI HG HVA