Gold jumps Rs 450; silver surges Rs 900

New Delhi, May 15 (PTI) Gold price jumped Rs 450 to Rs 73,400 per 10 grams in the national capital on Wednesday amid a rally in precious metal rates internationally, according to HDFC Securities.

The yellow metal had closed at Rs 72,950 per 10 grams in the previous close.

Silver price also surged by Rs 900 to Rs 86,900 per kg. In the previous session, it had ended at Rs 86,000 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,400 per 10 grams, up by Rs 450 amid a positive trend in the overseas markets,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

Globally, spot gold at Comex was trading at USD 2,365 per ounce, up by USD 26 from the previous close.

Gold rose during European trading hours on Wednesday, buoyed by a weak US dollar and falling bond yields, Gandhi said.

Silver also quoted higher at USD 28.80 per ounce. In the previous session, it had ended at USD 28.35 per ounce.

“The prices witnessed buying on the positive forecast for US CPI data to be released in the evening, hinting at inflation cooling off, which could prompt the US Federal Reserve to cut rates sooner.

“The bullish trend in gold prices remains intact as long as prices stay above Rs 70,000 in MCX,” Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.