Gold prices up by ₹250; silver prices jump by ₹540 amid price hike in overseas markets
1 min read 24 May 2023, 05:25 PM ISTIn the international market, spot gold was little changed at $1,974.76 per ounce by 1038 GMT, while US gold futures were 0.2% higher at $1,977.50.
PremiumGold price ₹2jumped by ₹250 to ₹63,600 per 10 gram in the national capital on Wednesday amid a rise in the yellow metal's prices overseas.
The precious metal had finished at ₹63,350 per 10 gram in the previous trade. Silver prices also gained ₹540 to ₹73,140 per kg.
"Spot gold in the Delhi markets traded at ₹63,600 per 10 gram, up ₹250 per 10 gram,"said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
In the international market, spot gold was little changed at $1,974.76 per ounce by 1038 GMT, while US gold futures were 0.2% higher at $1,977.50.
Gold prices edged higher in Asian trading hours on Wednesday as the dollar eased while the investors wait for more clarity on the debt-ceiling standoff and the Federal Reserve’s rate path, Gandhi said.
Bullion was hovering just above one and half month lows touched last week as several Fed officials suggested the central bank would stick to its rate-hiking plan. Higher interest rates tend to increase the opportunity cost of holding non-interest-bearing gold.
Spot silver eased 0.3% to $23.37 per ounce. Platinum dipped 1.3% to $1,034.15 while palladium also fell 1.3% to $1,427.49, both near three-week lows.
