Gold prices in New Delhi skyrocketed to Rs 73,350 per 10 grams, marking an increase of Rs 800 from the previous session, according to HDFC Securities. The surge in prices was attributed to a rally in international markets, with spot gold at Comex trading at USD 2,360 per ounce, up USD 28. Saumil Gandhi, a Research Analyst at HDFC Securities, highlighted that weaker-than-expected US macro data has raised the possibility of the US Federal Reserve cutting interest rates, driving investors towards the safe-haven bullion.
In line with the uptrend, silver prices also surged by Rs 1,400 to reach Rs 93,700 per kg in New Delhi. The white metal was quoted higher at USD 30.40 per ounce in global markets. Pranav Mer, Vice President of Research at BlinkX and JM Financial Services, noted that selling across risk assets has led traders and investors towards precious metals, contributing to the positive momentum in gold and silver prices.
Looking ahead, Chintan Mehta, CEO at Abans Holdings, highlighted that traders will be keeping a close eye on upcoming data releases, including Manufacturing PMI and Services PMI from the UK, Europe, and the US. Additionally, any statements from US Federal Reserve members and developments on the geopolitical front will be closely monitored. The overall sentiment remains cautiously optimistic as the markets brace for potential shifts in the global economic landscape.
