New Delhi, Apr 30 (PTI) Gold prices rebounded by Rs 2,000 to Rs 1.54 lakh per 10 grams in the national capital on Thursday, tracking firm trends in global markets and a weak US dollar.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped Rs 2,000, or 1.31 per cent, to Rs 1,54,800 per 10 grams (inclusive of all taxes). It had closed at Rs 1,52,800 per 10 grams in the previous session.
“Gold rebounded from a one-month low, posting modest gains on Friday as a softer US dollar and easing Treasury bond yields provided near-term support,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
The pullback in the dollar and yields helped stabilise prices after recent weakness, while bargain buying near key support levels also contributed to the recovery, he added.
However, silver prices declined by Rs 1,800, or nearly a 1 per cent, to Rs 2,42,700 per kilogram (inclusive of all taxes) from Wednesday’s closing level of Rs 2,44,500 per kg, as per the association.
In the international markets, spot gold gained USD 91.80, or 2.02 per cent, to USD 4,635.52 per ounce, while silver rose 3.31 per cent to USD 73.69 per ounce.
The dollar index slipped 0.27 per cent to 98.69 in the futures market, making bullion more attractive for holders of other currencies.
The US Federal Reserve kept rates unchanged, as widely expected, though divisions among policymakers underscored uncertainty over the economic outlook.
Meanwhile, Chair Jerome Powell indicated that the central bank is not currently leaning towards additional rate hikes, providing support to precious metals.
Investors are now awaiting policy decisions from the European Central Bank later in the day for fresh signals on near-term direction on policy and trajectory on bullion prices, Gandhi said. PTI HG HG BAL BAL
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