India News | Gold Jumps Rs 450; Silver Climbs Rs 200

New Delhi, Jun 4 (PTI) Gold prices jumped Rs 450 to Rs 72,900 per 10 grams in the national capital on Tuesday in line with strong trends internationally, according to HDFC Securities.

In the previous session, the precious metal had closed at Rs 72,450 per 10 grams.

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Additionally, silver prices climbed Rs 200 to Rs 93,100 per kg. It had settled at Rs 92,900 per kg in the previous session.

"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,900 per 10 grams, up by Rs 450 against the previous close," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

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In the global markets, spot gold at Comex was trading at USD 2,335 per ounce, up USD 15 from the previous close.

Gold rose on Tuesday as disappointing US manufacturing data raised hopes that the Federal Reserve will have room to lower borrowing costs this year, Gandhi said.

In addition, silver went up to USD 30.25 per ounce. It had ended at USD 30.19 per ounce in the previous session.

"Gold is stuck in a range in the absence of fresh triggers and as markets look ahead to the European Central Banks policy outcome on Thursday and the US Nonfarm Payroll/ employment data on Friday," Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial Services, said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)