Gold rises Rs 100; silver plunges Rs 800

New Delhi, Dec 7 (PTI) Gold price gained Rs 100 to Rs 62,950 per 10 grams in the national capital on Thursday amid a rise in the price of precious metal globally, according to HDFC Securities.

The yellow metal had ended at Rs 62,850 per 10 grams in the previous trade.

However, silver plunged Rs 800 to Rs 77,300 per kilogram. In the previous trade, it had settled at Rs 78,100 per kg.

In the futures trade, the February contract of gold climbed Rs 90 to Rs 62,530 per 10 grams on the MCX. Also, silver’s March contract gained Rs 61 to Rs 74,892 per kg on the bourse.

In the overseas market, gold was up at USD 2,031 per ounce, while silver was trading lower at USD 23.95 per ounce.

Spot gold at Comex was trading at USD 2,031 per ounce, up by USD 2 from its previous close.

“Gold prices ticked up following a pullback in the dollar after weaker than expected US macro data, pointing to slower US growth and a softer labour market.

“Recent macro data has increased market expectations that the Federal Reserve will lower interest rates in March 2024,” HDFC Securities’ senior analyst of commodities Saumil Gandhi said.