Gold strengthened by Rs 200, silver rose by Rs 700

In line with the strengthening trend in global markets, the price of gold in Delhi bullion market on Tuesday rose by Rs 200 to Rs 72,450 per 10 grams. In the last session, gold had closed at Rs 72,250 per 10 grams. On Tuesday, silver also jumped by Rs 700 to reach Rs 85,000 per kg. In the last trading session it had closed at Rs 84,300 per kg.

Saumil Gandhi, senior analyst (commodity), HDFC Securities, said, “The spot price of 24 carat gold in Delhi bullion market increased by Rs 200 and was seen trading at Rs 72,450 per 10 grams.” In the international markets, gold on Comex. The spot price of gold rose by seven dollars to $2,319 an ounce. Gold rose due to indications of interest rate cut this year by the US Federal Reserve.

Gandhi said, “Doxic remarks from US policymakers have increased expectations of interest rate cuts in the coming times. Apart from this, gold also strengthened due to rising geopolitical concerns in the Middle East.” On Tuesday, silver prices also showed a slight rise and reached $ 27.25 an ounce. In the last session, it had closed at $ 27.05 an ounce.