Gold prices rise by ₹25, silver falls by ₹150; check details
1 min read 07 Jun 2023, 05:13 PM ISTGold price India: According to a report from HDFC Securities, Delhi's gold prices increased by ₹25 to ₹60,800 per 10 grammes, while silver prices decreased by ₹150 to ₹72,800 per kilogramme.
PremiumGold prices increased by ₹25 to ₹60,800 per 10 grammes on Wednesday in the national capital. However, the price of silver dropped by ₹150 to ₹72,800 per kilogramme, as per HDFC Securities report.
The yellow metal had been priced at ₹60,775 for 10 grammes in the previous transaction.
Gold price today: Yellow metal rises above ₹60,000 per 10 gms; silver price rallies by 0.5%
According to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, spot gold prices in the Delhi markets traded at ₹60,800/10 gramme, up ₹25 per 10 gramme.
Gold prices remained stable for a second day in a row despite an increase in the value of the US dollar, said Gandhi.
Both gold and silver were trading flat on the global markets at USD 1,957 per ounce and USD 23,42 per ounce, respectively.
As traders prepared for new economic data and the US Federal Reserve's interest rate policy next week, gold prices fluctuated within a small range on Wednesday as they avoided placing large bets.
By 0923 GMT, spot gold was trading in a $13 range, down 0.1% to $1,961.73 per ounce. US gold futures fell 0.2% to $1,977.70.
“Gold is expected to range trade between $1930 and $1990 as market participants hope for a Fed's rate skip in June. This is the most crucial supportive factor for the metal. Interim support is at $1950," said Praveen Singh – Associate VP, Fundamental currencies and Commodities, Sharekhan by BNP Paribas.
Prior to the Fed meeting on June 13, the US inflation report for May will be released, giving investors greater insight into the condition of the world's largest economy.
"Gold is moving in a small range, making it seem like the volatility disappeared. But this compression of the volatility is mostly related to the market being in a wait-and-see mood as the wait for the Fed's rate hike path and for new market drivers," said Carlo Alberto De Casa to Reuters, an external analyst at Kinesis Money.
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(With inputs from PTI and Reuters)
