Gold, silver rally on strong global market sentiment
New Delhi (PTI): Gold prices climbed Rs 700 to Rs 1,30,160 per 10 grams in the national capital on Friday tracking firm trends in the global markets and strong investor appetite, according to marketmen.
The precious metal of 99.5 per cent purity jumped by Rs 700 to Rs 1,29,560 per 10 grams (inclusive of all taxes).
"Gold edged higher...supported by increasing expectations of a Federal Reserve rate cut in December," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He further stated that gold prices, during the week, have remained well-supported by renewed optimism over a potential Fed cut and a steady US dollar.
Silver prices also continued their upward march for the fourth straight session soaring by Rs 3,000 to Rs 1,71,200 per kilogram (inclusive of all taxes).
In the past four sessions, the white metal skyrocketed by Rs 16,200 from Rs 1,55,000 per kg on Monday.
In the international markets, spot gold went up by USD 12.44 , or 0.30 per cent, to USD 4,169.88 per ounce.
"Spot gold continues to remain well bid on rate cut expectations after recent dovish comments by the Federal Reserve officials," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.16 per cent higher at 99.75, capping gains for the yellow metal.
Sandip Raichura - CEO, Retail Broking and Distribution, PL Capital, said that gold will soon test the USD 4,400 level, which marks its all-time high. Continuing purchases by central banks, as well as dollar weakness, are leading to a strong support for gold at the USD 4,000 level.
Spot silver was trading 0.77 per cent higher at USD 53.81 per ounce, marking gains for the fifth straight day. In the session, the white metal rose to hit an intra-day high of USD 54.31 an ounce in the overseas market.
"Silver approaches towards its all-time high (USD 54.49 per ounce), with increased predictions that the US Federal Reserve would further lower interest rates," Renisha Chainani, Head - Research at Augmont said.
She noted that Chinese inventories have fallen to decade lows, which has led to large exports to London to alleviate supply constraints. The reduction follows a spike in Chinese silver exports in October, which reached a record high of over 660 tonnes.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "With US economic data yet to flow in after the government reopening, upcoming releases will be crucial for the Fed as it prepares for the final policy meeting of 2025 on December 10, where a rate cut is widely anticipated."
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
