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Business News/ Markets / Commodities/  Gold prices jump to 350, while silver prices zoom to 650

Gold price jumped 350 to 60,600 per 10 gram in the national capital on Friday amid a rally in precious metals prices overseas.

The gold prices had closed at 60,250 per 10 gram in the previous trade, while silver also zoomed 650 to 73,550 per kg.

"Spot gold prices in the Delhi markets traded at 60,600/10gram, up 350 per 10 gram," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Weakness in the US dollar and expectation of a pause in the US Fed reserve policy tightening campaign boosted the precious metal's appeal, Gandhi said.

In the international market, gold prices were on track on Friday for their biggest weekly rise since early April, buoyed by hopes the U.S. Federal Reserve will not raise interest rates at its policy meeting this month, which also weighed on the dollar and bond yields.

Spot gold was up 0.1% at $1,978.77 per ounce by 12:06 GMT. U.S. gold futures were mostly flat at $1,996.00.

Bullion has gained 1.7% so far this week, heading for its best week since the one ended April 7.

Spot silver ticked down 0.1% to $23.89 per ounce, also headed for a weekly gain.

Platinum fell 0.1% to $1,005.71, and palladium advanced 1.1% to $1,411.49, with both set for weekly losses.

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Updated: 02 Jun 2023, 06:58 PM IST
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