Gold rises Rs 314; silver zooms Rs 1,173

New Delhi : Gold price rose by Rs 314 to Rs 56,701 per 10 gram in the national capital on Monday amid strong global trends, according to HDFC Securities.

The yellow metal had settled at Rs 56,387 per 10 gram in the previous trade.

Silver also zoomed Rs 1,173 to Rs 70,054 per kilogram.

“Spot gold prices in the Delhi markets traded at Rs 56,701 per 10 gram, up Rs 314 per 10 gram,” said an analyst at HDFC Securities.

In the overseas market, both gold and silver were trading higher at USD 1,916 per ounce and USD 24.22 per ounce, respectively.

“Gold held near nine-month highs, aided by expectations of slower interest rate hikes from the US Federal Reserve. Dollar index and US yields were also down by 2 per cent and 1.5 per cent, respectively, last week supporting the move in bullions,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said.

Premiums for physical gold rose sharply in China last week, buoyed by optimism around the country’s reopening before Lunar New Year festivities, while Indian traders offered steeper discounts as record-high local prices dented consumer sentiment.

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