Gold prices soared in the national capital on Thursday, with a significant jump of Rs 120 to reach Rs 72,550 per 10 grams, according to HDFC Securities. This surge came amidst strong global trends, with the precious metal closing at Rs 72,430 per 10 grams in the previous session.
Not to be outdone, silver prices also saw a substantial increase, rising by Rs 900 to reach Rs 92,300 per kg from its previous close of Rs 91,400 per kg on Wednesday. Saumil Gandhi, a Research Analyst at HDFC Securities, highlighted that spot gold prices in Delhi were trading at Rs 72,550 per 10 grams, signaling a positive trend in the market.
The international market also saw a positive movement in gold prices, with spot gold at Comex trading at $2,332 per ounce, up $5 from the previous close. Factors contributing to this uptick include weak retail sales data, lower inflation figures, and growing expectations for a rate cut in September, as noted by Jateen Trivedi, VP Research Analyst at LKP Securities.
Furthermore, silver prices were on the rise, with silver quoting at $30.15 per ounce, up from its previous close of $29.40 per ounce. Traders and investors have shown a renewed interest in gold, supported by findings from a World Gold Council survey indicating continued diversification of reserves with gold by central banks, even at current high prices. Additionally, safe-haven demand has also contributed to the positive momentum in the bullion market, fueled by tensions in the Middle East and political uncertainties in France.
