Gold prices in India rose by Rs 100 on Thursday, driven by gains in global markets amid concerns over the Middle East conflict and the US Federal Reserve's monetary policy outlook. Silver prices, however, plunged by Rs 600.
Photograph: Amit Dave/Reuters
New Delhi, Feb 1 (PTI) Gold prices increased Rs 100 to Rs 63,450 per 10 grams in the national capital on Thursday amid rise in the precious metal's prices in the overseas markets, according to HDFC Securities.
In the previous close, the yellow metal had finished at Rs 63,350 per 10 grams.
However, silver prices plunged Rs 600 to Rs 76,100 per kilogram, while it had ended at Rs 76,700 per kg in the previous trade.
"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 63,450 per 10 grams, up Rs 100 against the previous close," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the international markets, gold was quoting with gains at USD 2,044 per ounce, up USD 4 from the previous close.
"Gold prices gained ground on Thursday due to demand for safe haven assets amid concerns over Middle East conflict as well as US Federal Reserve's less aggressive monetary policy outlook.
"...investors continue to be concerned that the escalating conflict in the Middle East could spark a broader war, which, coupled with China's sluggish economic growth, bolsters the value of the safe-haven precious metal," Gandhi said.
However, silver was trading lower at USD 22.80 per ounce.
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