Gold prices surged in New Delhi on Friday, reaching Rs 72,550 per 10 grams, a jump of Rs 370 from the previous day, as per HDFC Securities. This increase comes as a result of the rise in international gold rates. Meanwhile, silver prices also saw a significant rise, climbing by Rs 600 to Rs 91,200 per kg.
Saumil Gandhi, a Research Analyst at HDFC Securities, noted that spot gold prices in Delhi markets were trading higher, reflecting the global trend. In overseas markets, spot gold at Comex was priced at USD 2,322 per ounce, showing an upward trend.
The recent US jobless data, indicating a weakening labor market amidst the post-pandemic recovery, has led to speculations of early interest rate cuts by the Federal Reserve. This has further boosted gold prices, with the precious metal gaining for the first time in three days.
Praveen Singh, Associate VP at Sharekhan by BNP Paribas, highlighted the upcoming release of US Personal Consumption Expenditures (PCE) inflation data as a crucial factor that traders will be monitoring. The outcome of this data could impact bullion prices significantly.
Despite the positive trend in gold prices, Singh cautioned that the overall outlook remains bearish in the short term due to hawkish statements from the Federal Reserve, inflation concerns, and a strong US dollar. Traders and investors will be closely watching these factors to assess the future trajectory of gold and silver prices.
