Gold Price Surge: Rs 800 Up, Silver Rallies Rs 1,400 - HDFC Securities

New Delhi, Jun 21 (PTI) Gold prices surged Rs 800 to Rs 73,350 per 10 grams in the national capital on Friday amid a rally in precious metal rates in the international markets, according to HDFC Securities.

In the previous session, the yellow metal had closed at Rs 72,550 per 10 grams.

Extending gains for the fourth straight day, silver prices also rallied by Rs 1,400 to Rs 93,700 per kg. It had ended at Rs 92,300 per kg on Thursday.

"In Delhi markets, spot gold prices (24 carats) are trading at Rs 73,350 per 10 grams, up by Rs 800 from the previous close," Saumil Gandhi, Research Analyst at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at USD 2,360 per ounce, up USD 28 from the previous close.

Gold climbed on Friday, boosted by weaker-than-expected US macro data, which raised the possibility that the US Federal Reserve will cut interest rates at least twice in 2024, Gandhi added.

Silver was also quoted higher at USD 30.40 per ounce. It had settled at USD 30.15 per ounce on Thursday.

"Gold trades steady to positive as selling across risk assets have pushed traders/ investors towards the safe-have bullion," Pranav Mer, Vice President of Research (Commodity & Currency) at BlinkX and JM Financial Services, said.

According to Chintan Mehta, Chief Executive Officer at Abans Holdings, traders will be waiting for the upcoming data, including Manufacturing PMI and Services PMI from the UK, Europe, and the US to be released later on Friday.

The traders will also monitor any statements from the US Federal Reserve members and developments on the geopolitical front, Mehta added.