NEW DELHI, Mar 7: Gold prices on Thursday jumped by Rs 500 to Rs 65,650 per 10 grams in the national capital amid a rally in precious metal’s rates in international markets, according to HDFC Securities.
Maintaining its upward march for the third straight day, the precious metal touched a fresh lifetime high of Rs 65,650 per 10 grams. The yellow metal had closed at Rs 65,150 per 10 grams in the previous trade.
Silver prices also rallied by Rs 400 to Rs 74,900 per kg. In the previous session, it closed at Rs 74,500 per kg.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,650 per 10 grams, up by Rs 500, taking bullish cues from the overseas markets,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the global markets, spot gold at Comex was trading at USD 2,152 per ounce, up by USD 30 from the previous close.
Comex spot gold reached a new high of USD 2,161.50 per ounce in Asian trading hours on Thursday after Federal Reserve Chair Jerome Powell reiterated that the US central bank will most likely lower interest rates this year, Gandhi added.
In his semiannual Humphrey-Hawkins testimony to Congress, Powell said that the US Fed remains squarely focused on its mandate to promote maximum employment and stable prices for the American people.
The policy rate is likely at its peak and it will likely be ‘appropriate’ to cut rates at some point this year, he added.
However, he observed that the Federal Open Market Committee (FOMC) still needs ‘greater confidence’ before cutting rates.
Silver was trading higher at USD 24.10 per ounce. In the previous trade, it had closed at USD 23.75 per ounce.
“Looking ahead, the market focus shifts to the upcoming US Consumer Price Index (CPI) data for February, which is poised to be a key trigger for gold prices next week.
“Additionally, non-farm payroll and unemployment data to be released on Friday will provide further direction for gold trends,” Jateen Trivedi, VP Research Analyst at LKP Securities, said. (PTI)
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