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Gold gains Rs 1,050 to breach Rs 73k-mark; silver too hits fresh peak

In the global markets, spot gold at Comex traded at $ 2,388 per ounce, up $ 48 from the previous closing level

gold price

Press Trust of India New Delhi

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Gold and silver prices rallied for the fourth straight session and hit fresh peaks on Friday, with the yellow metal gaining sharply by Rs 1,050 to breach Rs 73,000 per 10 grams level amid bullish global trend.
According to HDFC Securities, gold price surged Rs 1,050 to hit its lifetime high of Rs 73,350 per 10 grams in Delhi. It had closed at Rs 72,300 per 10 grams in the previous session.
Similarly, silver prices zoomed Rs 1,400 to hit a new record of Rs 86,300 per kg.
"Spot gold (24 carats) prices in the Delhi markets are trading at a record high of Rs 73,350 per 10 grams, up by Rs 1,050, taking positive cues from overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Commodity markets were partially closed on Thursday on account of Eid-Ul-Fitr.
In the global markets, spot gold at Comex traded at $ 2,388 per ounce, up $ 48 from the previous closing level.
Gold reached a new all-time high in the early hours of the European trading day on Friday. Safe haven demand supported the spike in precious metals following heightened Middle East tensions and the possibility of Iran retaliating against an Israeli strike on its embassy in Syria, Gandhi said.
In addition, silver was also quoting higher at $ 28.95 per ounce. In the previous session, it had settled at $ 28.05 per ounce.
Meanwhile, in the futures trade on the MCX, gold climbed to an all-time high of Rs 72,828 per 10 grams in the intra-day trade. The most-traded June contract of the yellow metal was trading at Rs 72,681 per 10 grams, up by Rs 1,037 or 1.45 per cent.
According to Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, upcoming macroeconomic numbers to be announced by the UK and Germany as well as Chinese trade data will provide further direction for gold prices.
"The European Central Bank (ECB), as expected, kept the benchmark rates unchanged, but gave the indication that it could cut interest rates in June. The ECB President Christine Lagarde signalled that growing confidence on cooling inflation would lead the central bank to cut rates at its next policy meeting on June 6," Singh said.

Oil on the boil as Israel braces for Iran attack

Oil jumped to the highest price since October on news that Israel is bracing for a possible attack from Iran.
An assault is expected to come as soon as the next 48 hours, which would mark a significant widening of the West Asia conflict. Global benchmark Brent surged as much as 2.6 per cent to top $92 a barrel, a level last reached during the early days of the conflict that started when Hamas attacked Israel in October.
 
Israel is expecting a drone or missile attack on government targets within days, either directly or from Iran’s proxies, people familiar with western intelligence assessments said.  “Direct Iranian engagement puts higher odds of a potential supply disruption in the region, causing many traders to continue to reach for exposure in crude and upside crude call options,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Heading into a weekend with significant headline risk, there are few sellers willing to sell the rally.”
 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Apr 12 2024 | 10:45 PM IST

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