Gold jumps Rs 1,365; silver zooms Rs 5,972

New Delhi, August 5

Gold costs jumped Rs 1,365 to Rs 56,181 per 10 gram within the nationwide capital on Wednesday following a powerful rally in international market, in keeping with HDFC Securities.

Silver additionally depicted a powerful pattern because it zoomed Rs 5,972 to Rs 72,726 per kg from Rs 66,754 per kg within the earlier commerce, it stated.

The valuable yellow metallic had closed at Rs 54,816 per 10 gram within the earlier commerce.

“Spot gold prices for 24 carat in Delhi rose by Rs 1,365 with strong rally in international prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel stated.

In the worldwide market, gold was quoting with positive aspects at USD 2,032 per ounce, whereas silver was buying and selling at USD 26.40 per ounce.

“Gold prices scaled new highs on weak dollar and concerns over economic growth amid rising virus cases,” Patel stated.

Sriram Iyer, Senior Research Analyst at Reliance Securities, stated, “Investors continue to remain buyers in the safe-haven gold as they expect that the metal will hold its value better than other assets as fallout from COVID-19 cripples the global economy.”

Kishore Narne, Head – Commodity & Currency, Motilal Oswal Financial Services stated gold and silver have been the very best performing belongings to date this yr with 40 per cent and 50 per cent returns, respectively, and the uptrend is more likely to proceed.

With central banks pushing “unprecedented amounts” of liquidity, commerce warfare considerations, geo-political uncertainty, rising COVID-19 infections and menace of a second wave of infections, costs of each valuable metals are more likely to go increased, Narne added. PTI

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