Updated March 6th, 2024 at 19:21 IST

Gold price rises to Rs 65,150 on global cues, silver falls

The precious metal continued its upward trend for the second consecutive day, hitting a fresh lifetime high.

Reported by: Business Desk
Gold | Image:Pixabay
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Gold price surge: Gold price surged by Rs 150 to Rs 65,150 per 10 grams on Wednesday, supported by strong global trends, as reported by HDFC Securities.

The precious metal continued its upward trend for the second consecutive day, hitting a fresh lifetime high of Rs 65,150 per 10 grams. In the previous session, gold had closed at Rs 65,000 per 10 grams.

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On the other hand, silver prices declined by Rs 400 to Rs 74,500 per kilogram from the previous close of Rs 74,900 per kilogram.

Saumil Gandhi, senior analyst of commodities at HDFC Securities, noted, "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,150 per 10 grams, up by Rs 150, taking bullish cues from the overseas markets."

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In the international markets, spot gold at Comex was trading at $2,122 per ounce, up by $12 from the previous close.

"Helped by continued strong buying momentum on the expectations of a Fed pivot in June, spot gold hit a fresh record high of $2,041.84 per ounce before it settled with a gain of 0.61 per cent at $2,128 on Tuesday," said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

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However, silver was quoting lower at $23.75 per ounce against its last close of $23.88 per ounce.

Market participants are closely monitoring the testimony of Federal Reserve Chair Jerome Powell on Wednesday, as it is expected to provide further insights into the Fed's projection regarding monetary policy interest rate cuts in the US. This event could potentially influence gold prices in the near term, as market sentiment and expectations regarding monetary policy shifts often have a notable impact on precious metal prices, according to Jateen Trivedi, VP Research Analyst at LKP Securities.

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(with PTI inputs)

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Published March 6th, 2024 at 19:21 IST