Gold climbs ₹400; silver tumbles ₹430

Woman selects gold jewellery at a showroom in New Delhi. File
| Photo Credit: PTI

Gold price climbed ₹400 to ₹58,040 per 10 gram in the national capital on Friday amid a rise in the precious metal prices globally, according to HDFC Securities.

The yellow metal had settled at ₹57,640 per 10 gram in the previous trade.

Silver, however, tumbled ₹430 to ₹67,600 per kilogram.

“Spot gold prices in the Delhi markets traded at ₹58,040 per 10 gram, up ₹400 per 10 gram,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the overseas markets, gold was quoting higher at $1,928 per ounce while silver was down at $21.87 per ounce.

Comex Gold prices traded higher in Asian trading hours on Friday.

The recent rally in the yellow metal was supported by safe haven buying as concerns about the banking crisis continue after the European Central Bank hiked interest rates despite the ongoing financial stability risks, Mr. Gandhi said.