The price of gold increased by Rs 1,100 to Rs 72,450 per 10 grammes in the nation’s capital on Friday due to rising domestic demand and signals from the international market. The price of precious metal per 10 grammes had ended at Rs 71,350 during the previous session. In addition, the cost of silver increased by Rs 1,400 on Friday to Rs 82,500 per kg, up from Rs 81,100 per kg in the previous transaction.
In the meantime, the price of 99.5% pure gold increased by Rs. 1,100 to Rs. 72,100 per 10 grammes, after closing at Rs. 71,000 per 10 grammes earlier. Comex gold is trading higher globally at USD 2,468.90 an ounce, up USD 5.60 from the previous session.
Experts stated that a wider market rally was responsible for the increase in metal prices, which happened despite the strong US currency and rising Treasury yields. Comex silver slightly decreased in value on global markets to USD 27.60 an ounce.
The VP Research Analyst-Commodity and Currency, LKP Securities, recommended gold traders keep a careful eye on the CPI data, which is expected to validate the trajectory of interest rate reductions moving forward and provide a more defined direction for the market.
