Gold rises ₹314; silver zooms ₹1,173

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| Photo Credit: Mohammed Yousuf

Gold price rose by ₹314 to ₹56,701 per 10 gram in the national capital on January 16 amid strong global trends, according to HDFC Securities.

The yellow metal had settled at ₹56,387 per 10 gram in the previous trade.

Silver also zoomed ₹1,173 to ₹70,054 per kilogram.

“Spot gold prices in the Delhi markets traded at ₹56,701 per 10 gram, up ₹314 per 10 gram,” said an analyst at HDFC Securities.

In the overseas market, both gold and silver were trading higher at $1,916 per ounce and $24.22 per ounce, respectively.

“Gold held near nine-month highs, aided by expectations of slower interest rate hikes from the U.S. Federal Reserve. Dollar index and U.S. yields were also down by 2% and 1.5%, respectively, last week supporting the move in bullions,” Navneet Damani, senior VP – commodity research at Motilal Oswal Financial Services, said.

Premiums for physical gold rose sharply in China last week, buoyed by optimism around the country’s reopening before Lunar New Year festivities, while Indian traders offered steeper discounts as record-high local prices dented consumer sentiment, Mr. Damani said.