Gold jumps Rs 350; silver bounces Rs 600

New Delhi, Apr 26 (PTI) Gold and silver prices jumped in the national capital on Friday amid strong trends in the overseas markets, according to HDFC Securities.

The precious metal prices rose by Rs 350 to Rs 72,850 per 10 grams. It had closed at Rs 72,500 per 10 grams in the previous session.

Silver prices also jumped Rs 600 to Rs 84,700 per kg. In the previous close, it had finished at Rs 84,100 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,850 per 10 grams, up by Rs 350, taking bullish cues from overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,340 per ounce, up by USD 21 from the previous close. Gold prices increased following the release of the US GDP data on Thursday, which pointed to a significant economic slowdown and ongoing inflationary pressures. This development is seen as a major factor in supporting the gold prices, Gandhi said.

Silver was also quoted higher at USD 27.55 per ounce. In the previous trade, it closed at USD 27.20 per ounce. “Comex gold received short-term support at USD 2,300 level and traded higher at USD 2,348 per ounce. The market’s attention is now on the Personal Consumption Expenditures (PCE) Price Index data due later on Friday, which is a significant indicator for the US Federal Reserve’s interest rate decisions.

“If the data reflects a projection of higher rates for longer, it could exert pressure on the gold prices, whereas lower inflation projections could offer support to gold,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.