New Delhi, Jul 10 (PTI) Gold prices edged up by Rs 400 to Rs 1,48,500 per 10 grams in the national capital on Friday, while silver jumped Rs 5,000, as value buying by traders and a weak US dollar revived demand for precious metals.
The yellow metal of 99.9 per cent purity closed at Rs 1,48,100 per 10 grams in the preceding session.
Silver also snapped its three-session losing streak, surging Rs 5,000 to Rs 2,37,000 per kilogram (inclusive of all taxes) from Thursday’s closing level of Rs 2,32,000 per kg.
Traders said the recovery came as the dollar index weakened for the third straight session, boosting the appeal of precious metals, while investors also took advantage of lower prices after gold touched a one-week low earlier this week.
“Gold prices traded modestly higher on Friday as a weak US dollar and bargain buying supported sentiment after bullion fell to a one-week low earlier this week,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
In the international markets, spot gold slipped by USD 17.57, or 0.43 per cent, to USD 4,106.25 per ounce and silver fell nearly 1 per cent to USD 59.54 per ounce.
“Spot gold is trading firm as diplomatic efforts between the US and Iran appear to be back on track to strike a deal,” Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.
Market participants are awaiting next week’s US Consumer Price Index (CPI) data, which is expected to provide fresh guidance on the Federal Reserve’s interest-rate trajectory.
“The data release will be a key trigger for the Federal Reserve’s interest rate outlook and the direction of bullion prices,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said. PTI HG SHM
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