Key Points:
- Gold prices surged to Rs 67,350 per 10 grams, significantly increasing.
- Silver followed suit, escalating by Rs 200 to Rs 77,450 per kg.
- Analysts attribute the upward trend to positive global cues and interest rate sentiments.
In the labyrinth of financial markets, precious metals like gold and silver often emerge as beacons of stability and security. Thursday’s trading session witnessed gold prices climbing a noteworthy Rs 350 to close at Rs 67,350 per 10 grams in the national capital. This ascent signifies the metal’s intrinsic appeal and marks a response to broader market forces and global cues. Simultaneously, silver prices showcased resilience, increasing by Rs 200 to conclude at Rs 77,450 per kg. Analysts keenly observed factors like global trends and domestic economic indicators as these precious metals gleamed brighter.
Gold Prices Surge to Rs 67,350 Analyzed
The surge in gold prices to Rs 67,350 per 10 grams, from the previous session’s Rs 67,000, mirrors a broader trend observed in global markets. Spot gold at Comex experienced a rise, trading at USD 2,194 per ounce, up 14 dollars from its preceding close. This uptick reflects investor sentiment and broader economic indicators that sway the market’s pulse.
Senior Analyst, Saumil Gandhi from HDFC Securities, highlighted the positive global cues as a pivotal factor in gold’s price advance. On the other hand, Jateen Trivedi, VP Research Analyst at LKP Securities, pointed out the complex interplay between gold prices, interest rates, and the dollar index. According to Trivedi, while positive sentiment regarding interest rates buoyed gold prices, the rising dollar index presented a counterbalance, potentially pressuring gold prices. He also noted a strong resistance around the USD 2,200-2,215 range, suggesting a critical juncture for future price movements.
Silver Advances to Rs 77,450, Reflecting Strength
Parallel to gold, silver prices increased to Rs 77,450 per kg. This increment, though modest, is part of a larger narrative where silver, often seen as gold’s understudy, finds its ground amid fluctuating market conditions. The global perspective on silver echoed this sentiment, with marginal increases observed in its trading value, increasing to USD 24.55 per ounce from USD 24.50.
Gold Price at Rs 6,940.4, Silver’s Path in Markets
As the trading session on Friday unfolded, gold and silver prices continued their upward trajectory. The price for 24-carat gold increased to Rs. 6,940.4 per gram, while 22-carat gold rose to Rs. 6,357.4 per gram. This trend underscores the ongoing demand for precious metals as both a hedge against market volatility and an investment option. With the price change for 24-carat gold over the last week marking a -1.54% and -6.59% over the last month, the dynamics of gold and silver prices remain a topic of keen interest and analysis among investors and market watchers alike.
