Gold rallies Rs 770 amid strong global trends


Gold price rallied Rs 770 to a record high of Rs 58,680 per 10 grams in the national capital on Thursday amid a jump in precious metal prices internationally, according to Securities. In the previous trade, the yellow metal had settled at Rs 57,910 per 10 grams.

Silver also zoomed Rs 1,491 to Rs 71,666 per kilogram.

“Spot gold prices in the Delhi markets traded at a record high of Rs 58,680 per 10 grams, up Rs 770 per 10 grams,” said an analyst at HDFC Securities.

In the overseas market, both gold and silver were traded in green at USD 1,956 per ounce and USD 24.15 per ounce, respectively.

Comex gold prices traded their highest levels in more than nine months in Asian trading hours on Thursday after investors access dovish policy from US Federal reserve, the analyst said.

On Wednesday, the Fed hiked 0.25 basis point rate after a year of larger hikes. US Fed Governor Powell warned of further monetary policy tightening but also noted the progress on disinflation, which he said is in its early stages.

Today, the traders will focus on European Central Bank and Bank of England policy outcome and further direction, the analyst added.

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