Silver prices surge Rs 2,600 to Rs 95,900; gold up Rs 150

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New Delhi, Jun 7 (PTI) Silver prices continued to shine bright by rallying sharply Rs 2,600 to Rs 95,900 per kg in the national capital on Friday, while gold went up Rs 150, in line with firm global trends.

According to HDFC Securities, rising for the second straight session, silver prices surged Rs 2,600 to Rs 95,900 per kg. It had closed at Rs 93,300 per kg in the previous session.

Meanwhile, gold prices climbed Rs 150 to Rs 73,650 per 10 grams. In the previous session, precious metal had settled at Rs 73,500 per 10 grams.

"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,650 per 10 grams, up by Rs 150, taking bullish cues from the overseas market," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at USD 2,366 per ounce, up USD 6 from the previous close.

"Gold traded slightly positively on Friday, supported by a soft US dollar and weak US macro data.

"Following expectations that major central banks will cut borrowing costs to boost economic activity after the European Central Bank on Thursday confirmed in its meeting that it will cut interest rates this week which will further provide direction for the bullion prices," Gandhi said.

Silver also traded higher at USD 31.05 per ounce. It had finished at USD 30.30 per ounce on Thursday.

According to Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said, "Earlier in the week, lower nonfarm employment data supported gold, increasing expectations for a rate cut by the US Federal Reserve.

"However, significant data to be release on Friday, including nonfarm payroll and unemployment, will provide clearer indications for future trends. The likelihood of a rate cut in September will heavily influence gold's rally," Trivedi added. PTI HG TRB