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Business News/ Markets / Commodities/  Gold prices rally 670 to 60,750 per 10 gm, silver up 1,150 to 76,100

Gold prices rally ₹670 to ₹60,750 per 10 gm, silver up ₹1,150 to ₹76,100

Gold rallies ₹670; silver zooms ₹1,150

Gold prices rallied  ₹670 to  ₹60,750 per 10 grams in the national capital on Wednesday amid strong global cues, according to HDFC Securities.Premium
Gold prices rallied 670 to 60,750 per 10 grams in the national capital on Wednesday amid strong global cues, according to HDFC Securities.

On Wednesday, the national capital's gold price climbed by 670 to 60,750 per 10 grams on the strength of positive global signs. In the last trade, the price of the precious metal for 10 grams was 60,080. Silver climbed by 1,150 to 76,100 per kg as well.

Gold futures, maturing on June 5, 2023, reached 60,705 per 10 grams on the MCX, after recording a rise of 77.00 or 0.13 per cent. Similarly, silver futures, maturing on July 5, 2023, also grew 124 or 0.17 percent and were trading at 75,169 per kg on the MCX.

"Spot gold prices in the Delhi markets traded at 60,750 per 10 grams, up 670 per 10 grams," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Both gold and silver were trading higher on the global markets, at USD 2,015 per ounce and USD 25,34 per ounce, respectively.

Praveen Singh – Associate VP, Fundamental currencies and Commodities, Sharekhan by BNP Paribas said “Spot gold is currently stable around $2016 after rallying 1.73% yesterday on renewed banking concerns. US regional banks tumbled as PacWest Bancorp and Western Alliance Bancorp plunged at least 20%."

“Treasury two-year yields slumped 3.58% to close just below 4%. The US JOLTS jobs opening figures fell a third month to the lowest in nearly two years, which also prompted a flight to safety, thus favouring gold in turn. The US treasury secretary Ms Yellen Janet Yellen warned the Treasury could run out of cash as soon as June 1," said Praveen Singh.

“Traders are expected to be cautious ahead of the US ADP data and US FOMC monetary policy decision today. The US Federal Reserve is expected to hike rates by 25 bps tonight; however, major focus will be on clues to a possible pause in its rate hike spree and the Central Bank's take on the banking turmoil. The yellow metal faces a strong resistance at $2020 followed by $2050 as the key level before it may approach its all-time level around $2075. Support is seen at $2000/$1977. Dip buying is favoured," said Praveen Singh.

Jatin Gohil, Technical & Derivative Analyst at Reliance Securities said “MCX Gold took breakout of the squeezing channel on hourly chart. After a strong run it started trading in consolidation. For the evening session bias will remain bullish and support can be seen at Rs.60600 and resistance can be seen near Rs.60800 mark."

"Comex gold held steady above the key USD 2,000-level in Asian trading hours on Wednesday as investors turned their attention to the US Federal Reserve's interest rate decision due later in the day," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

Colin Shah, MD, Kama Jewelry said “Gold prices have rallied nearly 700/10gm in the past week, and nearly 1,000/10gm in the past month. Silver prices have rallied 1000 in the past week, and 3000 in the past month. Largely, the developments in the US-Fed meeting, the debt ceiling, and concerns around the slowing economic growth are affecting the USD and thereby the gold/silver prices."

“The US Fed is likely to hike rates later today, the government and the Treasury Department have raised their concerns about the deadlock and delay on the debt ceiling issue and the slowing economic growth is providing support to the gold prices. The current setup is likely to create uncertainties thereby increasing the appeal of safe haven investments like gold and silver. International gold prices are likely to hit $2070-2080/oz and 21,500-22,000/10gm and silver 77,600 and $27/oz in the short to medium term," said Colin Shah.

Sriram Iyer said “International and domestic gold and silver prices rose on Tuesday on fresh banking jitters."

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Updated: 04 May 2023, 03:23 PM IST
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