Due to the strong trend in global markets, gold rose by Rs 300 and silver by Rs 500.
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New Delhi . In line with the strengthening trend in global markets, gold rose by Rs 300 to Rs 73,050 per 10 grams in the bullion market of the national capital on Monday. HDFC Securities gave this information. Earlier in the trading session, gold had closed at the level of Rs 72,750 per 10 grams. The price of silver also rose by Rs 500 to reach Rs 85,700 per kg.
Earlier in the trading session, it had closed at Rs 85,200 per kg. “Taking positive cues from overseas markets, the spot price of gold (24 carat) is trading at Rs 73,050 per 10 grams in Delhi markets, which is Rs 300 higher than the previous closing price,” said Saumil Gandhi, Senior Analyst – Commodity, HDFC Securities. Spot gold in the international market, Comex, was trading at $ 2,355 an ounce, which is $ 12 more than the previous closing price.
Gold resumed trading with a positive trend mainly due to safe-haven buying after the conflict between Iran and Israel escalated over the weekend. Gandhi said Iran’s attack on Israel reduced investor interest in risky assets and increased demand for safe-haven assets like bullion. Apart from this, silver is also trading rapidly at $ 28.25 per ounce. In the last session it had closed at $ 27.84 an ounce.
According to market analysts, recent US inflation data has reduced the chances of an interest rate cut by the US Federal Reserve in June. Navneet Damani, senior vice president of commodity research at Motilal Oswal Financial Services, said, “Investors will focus on EU IIP (Index of Industrial Production) and US retail sales data due to be released on Monday which will provide further direction to bullion prices.” .
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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