The price of gold rose by Rs 1,100 to Rs 72,450 per 10 grams in the Delhi bullion market on Friday due to positive signals from global markets and a rise in domestic demand. Gold had closed at Rs 71,350 per 10 grams in the previous session.
According to the All India Sarafa Association, the price of silver also rose by Rs 1,400 to Rs 82,500 per kg on Friday. It was Rs 81,100 per kg in the previous trading session.
Meanwhile, the price of gold of 99.5 per cent purity rose by Rs 1,100 to Rs 72,100 per 10 grams, which had closed at Rs 71,000 per 10 grams in the previous trading session. Market sources have attributed the rise in gold prices to fresh demand from local jewelers and a firm trend in international markets.
Talking about the global market, gold on Comex is trading at $2,468.90 an ounce, up $5.60 an ounce from the previous session. Experts said that despite the strong US dollar and rising Treasury yields, metal prices rose.
Kayat Chenwala, AVP-Commodity Research, Kotak Securities, said, “Gold rose despite China’s central bank refraining from buying gold for the third consecutive month.” Comex silver declined marginally to $27.60 an ounce in the international market.
Jatin Trivedi, Vice President (Consumer Price Index Analyst), LKP Securities, said, “Gold traders should keep a close eye on the upcoming Consumer Price Index data next week as it is likely to confirm interest rate cuts.
