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Business News/ Markets / Commodities/  Gold prices jump 440; silver prices rally 1,050 amid strong global trends

The prices of gold has jumped by 440 to 60,820 per 10 grams in the national capital on Friday amid strong global trends

In the previous trade, the precious metal had ended at 60,380 per 10 grams. The prices of silver also zoomed 1,050 to 74,350 per kilogramme.

"Gold prices edged higher in the Asian trading hours on Friday, with spot gold prices in the Delhi markets trading at 60,820/10 grams, up 440 per 10 grams," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

 both gold and silver were trading higher at $1,964 per ounce and $24.35 per ounce, respectively.

The dollar retreated after a spike in weekly jobless claims raised hopes that a peak in US interest rates was nearby, boosting the precious metals rally, Gandhi said.

Gold eased on Friday on a stronger dollar, but held close to the previous session's highs en route to a weekly gain helped by bets that the Federal Reserve could soon pause interest rate hikes.

In the overseas markets, spot gold fell 0.3% to $1,962.34 per ounce by 5:52 a.m. ET (0952 GMT), but headed for a 0.8% weekly climb, having jumped about 1.5% after a surge in US weekly jobless claims. US gold futures held steady at $1,978.20.

The dollar index was up 0.2%, yet hovered close to Thursday's lows. A stronger dollar makes gold expensive for overseas buyers.

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Updated: 09 Jun 2023, 05:01 PM IST
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