In the international market, spot gold on Comex was traded at $2,110 per ounce, up more than 1% from the previous trading day's closing price. (Representative image)
Silver also rose by Rs 900 to Rs 74,900 per kg. In the previous transaction, it was priced at Rs 74,000 per kilogram.
Gold prices surged by Rs 800 on Tuesday, hitting a new record of Rs 65,000 per 10 grams in the national capital amid a strong global trend, according to HDFC Securities.
At the previous close, the precious metal closed at Rs 64,200 per 10 grams.
Silver also rose by Rs 900 to Rs 74,900 per kg. In the previous transaction, it was priced at Rs 74,000 per kilogram.
“Spot gold price (24 carats) in Delhi market is trading at Rs 65,000 per 10 grams, up by Rs 800 on positive signals from overseas markets.
“Spot gold prices in the domestic market hit an all-time high of Rs 65,000 on Tuesday,” said Saumil Gandhi, senior commodities analyst at HDFC Securities.
In the international market, spot gold on Comex was traded at $2,110 per ounce, up more than 1% from the previous trading day's closing price.
“Gold prices rose as speculation grew that the US Federal Reserve would cut interest rates in June. So, in the last three days, we have seen gains of over Rs 2,400 on MCX.
“The upturn was triggered by signs of a slowdown in industrial and construction spending in the US and waning inflationary pressures,” said Jateen Trivedi, research analyst at LKP Securities.
Additionally, rising geopolitical tensions have dampened the appetite for short selling, strengthening the yellow metal's appeal as an asset to buy on dips, Trivedi added.
Silver also hit higher prices at $23.88 per ounce. In the previous session, it closed at USD 23.09 per ounce.
“Gold and silver prices have recovered and are trading positively despite steady dollar appreciation in overseas markets, while steady movements in global stocks and uncertainty over the U.S. Federal Reserve’s rate-cutting policy are pushing investors towards safer assets.” said Vice President Pranav Mer. He spoke from the research (commodities and currencies) department of BlinkX and JM Financial.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)