Gold rises Rs 100; silver rallies Rs 870 amid strong global cues

author-image
NewsDrum Desk
New Update

New Delhi, Jul 8 (PTI) Gold prices rose Rs 100 to Rs 73,410 per 10 grams in the national capital on Monday in line with strong global trend, according to HDFC Securities.

The precious metal closed at Rs 73,310 per 10 grams in the previous session.

Silver prices also rallied Rs 870 to Rs 94,270 per kg. It had settled at Rs 93,400 per kg in the previous session.

"In Delhi markets, spot gold prices (24 carats) are quoted at Rs 73,410 per 10 grams, up by Rs 100 from the Friday’s afternoon price.

"Gold prices at Multi Commodity Exchange (MCX) traded lower amid risk-averse sentiment and profit booking after surging in the week gone by," Dilip Parmar, Research Analyst at HDFC Securities, said.

In the international markets, spot gold at Comex was USD 2,373 per ounce, up USD 10 per ounce from the previous close.

"Gold and silver prices rose significantly as the dollar retreated amidst mixed jobs data, increase in rate cut expectations and geo-political updates. Precious metals pack, especially, silver rallied sharply in the holiday-shortened week," Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd (MOFSL), said.

Focus this week will be on US Consumer Price Index (CPI) data, Producer Price Index (PPI) and the Federal Reserve Chair Jerome Powell's testimony, Modi added.

Additionally, silver is also quoted higher at USD 30.93 per ounce. It had finished at USD 30.55 per ounce in the previous session.

"In Europe, traders are keeping an eye on political events after France's left-wing New Popular Front coalition unexpectedly thwarted a far-right advance on Sunday but failed to secure a majority," Prathamesh Mallya, DVP - Research, Non-Agri Commodities and Currencies at Angel One Ltd, said.

Gold prices are likely to remain elevated, driven by softening US labour data and economic indicators, with a potential Fed rate cut on the horizon, Mallya added. PTI HG HG SHW BAL BAL

Subscribe