Gold climbs Rs 200; silver jumps Rs 350

NEW DELHI, July 5: Gold prices rose Rs 200 to Rs 73,310 per 10 grams in the national capital on Friday in line with global trends, according to HDFC Securities.
The yellow metal settled at Rs 73,110 per 10 grams in the previous session.
Silver also climbed Rs 350 to Rs 93,400 per kg against Rs 93,050 per kg in the previous trade.
“In Delhi markets, spot gold prices (24 carats) are quoted at Rs 73,310 per 10 grams, up by Rs 200 from the previous close,” Dilip Parmar, Research Analyst at HDFC Securities, said.
In the overseas markets, spot gold at Comex was trading at USD 2,363 per ounce, up USD 7 from the previous session.
“Gold and silver prices continue to hold their ground after a sharp rally witnessed at the start of this week and were on track for a second weekly gain, while investors awaited US employment data to gauge the trajectory of interest rate cuts in this year,” Manav Modi, Senior Analyst – Commodity Research at Motilal Oswal Financial Services Ltd, said.
According to Parmar, the dismal US economic data also bolstered the prospect of the US Federal Reserve pivoting to monetary easing as soon as September, pushing the yellow metal higher.
In addition, silver was quoted higher at USD 30.55 per ounce. In the previous session, it settled at USD 30.40 per ounce.
Market analysts said that swaps traders are now pricing in a 70 per cent chance of a rate cut by the US Fed in September.
Gold is expected to trade with a positive bias. However, a robust job report will send the metal lower again, Praveen Singh, Associate VP – Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said. (PTI)

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