Silver prices soared in the national capital on Friday, continuing their upward trend by surging Rs 2,600 to Rs 95,900 per kg. Gold prices also followed suit, climbing Rs 150 to Rs 73,650 per 10 grams, in line with firm global trends.
The rise in silver prices marks the second consecutive session of gains, with the precious metal closing at Rs 93,300 per kg in the previous session. On the other hand, gold prices had settled at Rs 73,500 per 10 grams in the previous trading day.
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, attributed the positive movement in gold prices to bullish cues from the overseas market. He highlighted that spot gold prices in the Delhi markets were trading at Rs 73,650 per 10 grams, up by Rs 150, influenced by the global market trends.
In the international markets, spot gold at Comex was trading at USD 2,366 per ounce, marking an increase of USD 6 from the previous close. Silver prices also saw an uptick, trading higher at USD 31.05 per ounce, compared to USD 30.30 per ounce on Thursday.
Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, noted that the recent rise in gold prices was supported by lower nonfarm employment data and expectations for a rate cut by the US Federal Reserve. He emphasized that upcoming economic data releases, including nonfarm payroll and unemployment figures, would provide clearer indications for future trends in the precious metals market.
