Gold Price Rises Rs 50, Silver Jumps Rs 300

New Delhi, Jul 3 (PTI) Gold prices rose Rs 50 to Rs 72,550 per 10 grams in the national capital on Wednesday in line with firm trends in the international markets, according to HDFC Securities.

The precious metal had closed at Rs 72,500 per 10 grams in the previous session.

Additionally, silver prices also jumped Rs 300 to Rs 91,300 per kg. It had settled at Rs 91,000 per kg in the previous session.

"In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,550 per 10 grams, up Rs 50 from the previous close," Saumil Gandhi, Research Analyst at HDFC Securities, said.

The yellow metal traded at Rs 74,650 per 10 grams in local markets in the national capital, marketmen said. Silver traded at Rs 92,300 per kg.

Gold traded within range with a modest gain on Wednesday, as traders are awaiting the release of US macro data that could provide new insights into the timing of the Federal Reserve's interest rate cut, Gandhi said.

In the global markets, spot gold at Comex was trading at USD 2,339 per ounce, slightly up USD 4 from the previous close.

"Gold and silver prices rallied after a steady trade witnessed since the past few sessions, amid a fall in dollar index, while investors digested comments from Federal Reserve Chair Jerome Powell and looked forward to US jobs data due later this week for more signals on US interest rate cuts," Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services Ltd, said.

Powell in his speech reiterated his hawkish stance from the recent Fed meeting. He mentioned that the unemployment rate is still very low and that the Fed does not see 2 per cent inflation this year or in the next.

The Fed needs more data before any decision on interest rate cut or else it will create risk of rising inflation once again, Powell said.

In addition, silver also quoted higher at USD 29.80 per ounce. It had ended at USD 29.50 per ounce in the previous session.

Traders will keep an eye on key macro data going to be released later on Wednesday, including US private payrolls, weekly jobless claims data and FOMC meeting minutes, Modi said.

American markets have an early closing on Wednesday on the occasion of their Independence day.

According to Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, said gold is expected to remain under pressure due to high US Treasury yields and a strong dollar, while markets await further cues from Federal Reserve comments and economic data.