NEW DELHI, Apr 15: Gold price rose Rs 300 to Rs 73,050 per 10 grams in the national capital on Monday in line with firm trends in the global markets, according to HDFC Securities.
The precious metal had closed at Rs 72,750 per 10 grams in the previous session.
Silver prices also jumped Rs 500 to Rs 85,700 per kilogram. In the previous trade, it had ended at Rs 85,200 per kilogram.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,050 per 10 grams, up Rs 300, taking positive cues from overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at USD 2,355 per ounce, up USD 12 from the previous close.
Gold resumed trading on a positive note, mainly lifted by safe haven buying after the escalation in the conflict between Iran and Israel over the weekend.
Iran’s attack on Israel reduced investor’ appetite for risky assets, and increased demand for safe haven assets like bullion, Gandhi said.
Additionally, silver prices were trading higher at USD 28.25 per ounce. In the previous session, it had finished at USD 27.84 per ounce.
According to market analysts, recent US inflation data diminished the possibility of a interest rate cut in June by the US Federal Reserve.
However, it will be critical to monitor the geopolitical landscape and whether other nations choose to intervene, so as to intensify the crisis.
“Focus will be on European Union’s IIP (Index of Industrial Production) and US Retail sales data to be release on Monday which will provide further direction on the bullion prices,” Navneet Damani, Senior VP, Commodity Research at Motilal Oswal Financial Services, said. (PTI)
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