Gold prices zoom INR 930 on firm global cues
New Delhi, July 11 (PTI): Gold prices Thursday zoomed INR 930 to INR 35,800 per 10 gram in the national capital tracking positive overseas trend after US Federal Reserve Chairman Jerome Powell hinted at a rate cut soon that prompted investors to move towards safe-haven assets like the yellow metal.
Silver also followed the suit and rose by INR 300 to INR 39,200 per kg due to more offtake by industrial units and coin makers.
Spot gold jumped to a one-week high in the international market due to a feeble dollar after dovish comments from the US Federal Reserve chairman. The Fed chair’s cautious stance on the US economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold,” said Hareesh V, head (commodity research), Geojit Financial Services.
He further said weak global economic outlook and unsolved trade war tensions between the US and China are the other positive drivers of the yellow metal.
Meanwhile, globally spot gold was trading at USD 1,420.80 an ounce. Similarly, silver was also up at USD 15.24 per ounce in New York.
According to the All India Sarafa Association, gold of 99.9 per cent and 99.5 per cent purity surged INR 930 each to INR 35,800 per 10 gram and INR 35,630 per 10 gram, respectively, in the national capital.
Traders said that apart from the global movement, demand from local jewellers also supported the rise in gold prices.
Sovereign gold also advanced by INR 100 to INR 27,400 per eight gram.
Silver ready also rose INR 300 to INR 39,200 per kg and weekly-based delivery gained INR 356 to INR 38,356 per kg.
However, prices of silver coins held flat at INR 81,000 for buying and INR 82,000 for selling of 100 pieces.