Gold gains Rs 70; silver climbs Rs 200

New Delhi, Feb 29 (PTI) Gold prices rose by Rs 70 to Rs 62,970 per 10 grams in the national capital on Thursday in line with firm global trends, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 62,900 per 10 grams.

Silver prices also climbed Rs 200 to Rs 74,100 per kg, while it had finished at Rs 73,900 per kg in the previous close.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 62,970 per 10 grams, up by Rs 70 from the previous close,” Saumil Gandhi, senior analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,034 per ounce, up by USD 5 from the previous close.

Gold traded with a modest gain within a narrow range in the European trading session on Thursday, Gandhi said.

“The US Fed’s preferred gauge of underlying inflation, the core personal consumption expenditures index data, is due later today and could provide further insights on the monetary policy interest rate cut outlook and direction for gold prices,” he added.

Also, silver was quoting higher at USD 22.50 per ounce, while it had settled at USD 22.35 per ounce in the previous trade.

“Gold prices maintained a narrow range between USD 2,038-2,034 per ounce in the global market, with support holding steady around the USD 2,025 mark amidst a week dominated by critical data releases,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.