Gold Jumps Rs 300 to Rs 63,100; Silver Rallies Rs 800

Gold price jumped Rs 300 to Rs 63,100 per 10 grams in the national capital on Wednesday amid strong cues in international markets, according to HDFC Securities. The precious metal had closed at Rs 62,800 per 10 grams in the previous trade.

Silver also rallied Rs 800 to Rs 78,500 per kilogram. In its previous close, it had settled at Rs 77,700 per kg. In the futures trade, February contract of gold advanced Rs 112 to Rs 62,588 per 10 grams on the MCX. Also, March contract of silver bounced Rs 110 to Rs 74,934 per kg on the exchange. In the global markets, gold and silver were quoting higher at USD 2,040 per ounce and USD 24.07 per ounce, respectively.

HDFC Securities’ senior analyst of commodities Saumil Gandhi said, “Gold extended their gains as traders maintained bets that the US Federal Reserve will start cutting interest rates by next year, despite pushbacks from central bankers on such expectations.”