Gold prices surged by Rs 500 to reach Rs 65,650 per 10 grams in the national capital on Thursday, marking a third consecutive day of upward movement amidst a rally in international precious metal rates, as reported by HDFC Securities. The yellow metal touched a fresh lifetime high, maintaining its upward trend from the previous trade where it closed at Rs 65,150 per 10 grams.
Simultaneously, silver prices also saw a significant increase, rallying by Rs 400 to Rs 74,900 per kg, following a similar trend from the previous session where it closed at Rs 74,500 per kg.
Saumil Gandhi, senior analyst of commodities at HDFC Securities, noted that spot gold prices in Delhi markets were trading at Rs 65,650 per 10 grams, up by Rs 500, influenced by bullish cues from international markets. In the global market, spot gold at Comex traded at USD 2,152 per ounce, rising by USD 30 from the previous close. Comex spot gold reached a new high of USD 2,161.50 per ounce in Asian trading hours on Thursday.
The surge in gold prices came after Federal Reserve Chair Jerome Powell's remarks during the semiannual Humphrey-Hawkins testimony to Congress, suggesting a likely interest rate cut by the US central bank this year. Powell emphasized the Fed's commitment to promoting maximum employment and stable prices for the American people. While noting the potential rate cut, he also highlighted the need for 'greater confidence' within the Federal Open Market Committee (FOMC) before implementing it.
Silver also saw an uptick in trading, reaching USD 24.10 per ounce, compared to USD 23.75 per ounce in the previous session.
Looking ahead, market focus is expected to shift towards upcoming economic data releases, particularly the US Consumer Price Index (CPI) data for February, which is anticipated to impact gold prices next week. Additionally, non-farm payroll and unemployment data scheduled to be released on Friday are likely to provide further direction for gold trends, according to Jateen Trivedi, VP Research Analyst at LKP Securities.
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