Gold Climbs Rs 250; Silver Jumps Rs 800 Amid Strong Cues In Global Markets

Silver prices bounced by Rs 800 to Rs 91,500 per kg. It had settled at Rs 90,700 per kg in the previous session.

New Delhi: Gold prices climbed Rs 250 to Rs 72,200 per 10 grams in the national capital on Wednesday amid strong global trends, according to HDFC Securities. In the previous session, the precious metal had closed at Rs 71,950 per 10 grams.

Silver prices also bounced by Rs 800 to Rs 91,500 per kg. It had settled at Rs 90,700 per kg in the previous session. "In the Delhi markets, spot gold prices (24 carats) are trading at Rs 72,200 per 10 grams, up by Rs 250 from the previous close," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,315 per ounce, up USD 12 from the previous close. Gold extended its gains on Wednesday, helped by a soft US Treasury yield and a steady US dollar, Gandhi said.

Silver also quoted marginally higher at USD 29.35 per ounce. It had ended at USD 29.20 per ounce in the previous session. "Commodities are broadly stuck in a range and trading flat, as traders look ahead to the US CPI numbers and the US Federal Reserve's policy meeting outcome later on Wednesday.

"Although the US Fed is expected to keep rates unchanged on Wednesday, but their forward guidance on the inflation will be closely watched and any surprises would lead to increased volatility in the financial market," Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, said.