Gold hits new high of Rs 69,200 per 10 grams amid global market rally | Raw Materials | Trending Viral hub

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Gold prices rose by Rs 830 to hit a new high of Rs 69,200 per 10 gram on Wednesday amid a rally in precious metal prices in global markets, according to HDFC Securities.

This is the second time that yellow metal prices have hit an all-time high this week. In the previous trade, the precious metal had closed at Rs 68,370 per 10 grams.

Silver prices also increased from Rs 1,700 to Rs 80,700 per kg. It had ended at Rs 79,000 per kg in the previous close.

“Spot gold (24 karat) prices in Delhi markets are trading at Rs 69,200 per 10 gram, up by Rs 830, adopting an upward trend in overseas markets,” said Saumil Gandhi, senior commodities analyst. from HDFC Securities.

In international markets, spot gold on the COMEX was trading at $2,275 an ounce, $20 higher than the previous close.

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“Gold hit another all-time high with prices surpassing $2,300 per ounce in early trade, while MCX futures rose near record Rs 69,500, as demand for the safe-haven metal continues to grow, amid of the possibility of escalation of tensions in the Middle East.

“Also, uncertainty over the timing of interest rate cuts by the US Federal Reserve following recent better-than-expected economic readings, which also drove the bullion price higher,” Pranav Mer , Vice President of EBG – Commodities and Currency Research at JM Financial. Services Ltd, he said.

Additionally, silver was also trading higher at $26.25 per ounce. In the previous session it had closed at $25.55 per ounce.

“Traders will anticipate nonfarm payrolls data and U.S. Federal Reserve Chair Jerome Powell’s speech on Wednesday, and any indication from the Fed will help determine the future path of the interest rate outlook. monetary policy,” said CEO Chintan Mehta. said the head of Abans Holdings Ltd.

(Only the title and image of this report may have been modified by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First published: April 4, 2024 | 1:05 a.m. IS

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