Gold rises Rs 150 to Rs 60,350/10 gm; silver jumps Rs 300

New Delhi, Jul 26 (PTI) Gold prices climbed Rs 150 to Rs 60,350 per 10 grams in the national capital on Wednesday amid strong global cues, according to HDFC Securities.

The precious metal had settled at Rs 60,200 per 10 grams in the previous trade.

Silver also jumped Rs 300 to Rs 77,000 per kilogramme.

The dollar index was trading at the 100.75 level, down by 0.19 per cent against the previous close which helped boost gold prices, as traders trimmed positions ahead of the FOMC policy meeting outcome, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the global market, both gold and silver were trading up at USD 1,970 per ounce and USD 24.70 per ounce, respectively.

Today’s major event is the FOMC monetary policy decision. The US central bank is widely expected to hike the rate by 25 basis points, which most of the market participants think could be the last hike of the ongoing rate tightening cycle.

Nonetheless, the Fed is expected to retain its hawkish rhetoric as it aims to rein in inflationary expectations, Praveen Singh Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.