Gold climbs ₹323; silver rises ₹639

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Gold prices rose by ₹323 to ₹53,039 per 10 grams in the national capital on Thursday amid gains in the precious metal in overseas markets, according to HDFC Securities.

In the previous trade, the precious metal had settled at ₹52,716 per 10 grams.

Silver also surged ₹639 to ₹62,590 per kg.

“Gold and silver prices rebounded from intraday lows after the dollar fell against its major crosses as the Fed meeting minutes suggest that the central bank was less hawkish as compared to expectations,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.

In the international market, gold was trading in green at $1,755.75 per ounce while silver was up at $21.55 per ounce.

“COMEX gold rose for the third day after the Federal Reserve’s latest meeting minutes showed officials support moderating the pace of interest rate increase soon. After yesterday’s Fed meeting minutes, the outlook for the yellow metal turns bullish and we could see metal heading towards $1,800 an ounce,” said Dilip Parmar, Research Analyst at HDFC Securities.



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