Gold rises Rs 150; silver declines Rs 250

Gold rises Rs 150; silver declines Rs 250

New Delhi, Mar 27 (PTI) Gold price rose Rs 150 to Rs 67,000 per 10 grams in the local market on Wednesday in line with firm trends globally, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 66,850 per 10 grams.

However, silver prices declined by Rs 250 to Rs 77,250 per kg. In the previous close, it had settled at Rs 77,500 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 67,000 per 10 grams, up by Rs 150 from the previous close,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,180 per ounce, up by USD 7 from the previous close.

Gold fluctuated within a range as traders avoided fresh directional bets prior to the release of US inflation data later this week, which could potentially influence the country’s trajectory towards monetary policy easing, Gandhi added.

However, silver was quoted lower at USD 24.50 per ounce. In the previous trade, it had ended at USD 24.63 per ounce.

“Gold traded steady, as expectations of interest rate cuts by the US Federal Reserve firmed, while investors awaited data due later in the week for underlying inflation trends that will help gauge the timing of these cuts.

“Focus this week will also be on the US GDP data and comments from Fed Chair Jerome Powell,” Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said.