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Gold price climbs Rs 450; silver zooms Rs 815

New Delhi, Gold price climbed by Rs 450 to Rs 59,350 per 10 grams in the national capital on Thursday amid strong global trends, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 58,900 per 10 grams.

Silver also zoomed Rs 815 to Rs 69,800 per kilogram.

“Spot gold prices in the Delhi markets traded at Rs 59,350 per 10 grams, up Rs 450 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the overseas markets, both gold and silver were trading higher at USD 1,975 per ounce and USD 22.84 per ounce, respectively.

“Gold prices edged higher after the US Federal Reserve raised interest rates by an expected 25 basis points and signalled it was on the verge of pausing future hikes in view of recent turmoil in the financial sector.

“After the US Fed meeting, dollar index fell to a more than one week low of USD 101.6 against a basket of currencies, with US 10Y also sliding below 3.5 per cent levels,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said.

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