Gold jumps ₹433; silver zooms ₹990 amid strong global trends

Women buying gold ornaments at a jewellery showroom in Hyderabad. File
| Photo Credit: NAGARA GOPAL

Gold prices jumped by ₹433 to ₹57,025 per 10 grams on Friday amid a rally in the metal in the global markets, according to HDFC Securities.

The precious metal had ended at ₹56,592 per 10 grams in the previous trade.

Silver also zoomed ₹990 to ₹69,208 per kg.

“Spot gold prices in the Delhi markets traded at ₹57,025 per 10 grams, up ₹433 per 10 grams,” said an analyst at HDFC Securities.

In the overseas markets, both gold and silver were trading in green at $1,932 per ounce and $24.02 per ounce, respectively.

Comex gold prices traded up in Asian hours on Friday supported by safe-haven demand as weak U.S. economic readings and hawkish comments from Federal Reserve members fuelled recession worries, the analyst said.

“Market participants are anticipating a 25 bps rate hike in the February meet, lower than the previous meetings, this is weighing on the U.S. yields as well supporting bullion,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.