New Delhi, Apr 24: Gold and silver prices rebounded on Wednesday after falling in the past two sessions, with the yellow metal rising Rs 410 to Rs 72,610 per 10 grams in the local market due to strong trends in the global markets.
Silver prices also jumped Rs 250 to Rs 83,750 per kg.
According to HDFC Securities, gold prices bounced Rs 410 to Rs 72,610 per 10 grams in Delhi. The precious metal had closed at Rs 72,200 per 10 grams on Tuesday.
Silver prices also rose Rs 250 to Rs 83,750 per kg. In the previous close, it had settled at Rs 83,500 per kg.
“Spot gold prices in the Delhi markets are trading at Rs 72,610 per 10 grams, up by Rs 410 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at USD 2,322 per ounce, up USD 12 from the previous close.
Following the release of the US macroeconomic data, the US dollar and the Treasury yields declined, which further helped the bullion prices bounce back from a recent low, Gandhi said.
Silver was also trading higher at USD 27.10 per ounce. It had ended at USD 26.80 per ounce in the previous session.
“Steady moves are seen in gold prices so far in the sessions, as focus now turns to the US GDP data on Thursday and the Personal Consumption Expenditures (PCE) inflation on Friday, to understand the possible path of the US Federal Reserve’s policy on the interest rate cuts.
“A weaker growth in the manufacturing and services PMI has led to expectation that the US economy may be slowing, which would be supportive for early rate cuts,” Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial Services, said.(PTI)
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