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Gold prices jump Rs a single,365 to Rs 56,181 per 10 gram

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Gold prices leaped Rs 1,365 to Rs 56,181 per 10 gram in the countrywide capital on Wednesday after a strong rally in world wide market, according to HDFC Securities.

Silver also represented a strong trend as it zoomed Rs 5,972 to Rs 72,726 per kg from Rs 66,754 per kg in the trade, it said.

The precious yellow metal possessed closed at Rs 54,816 per 10 gram in the previous trade.

“Spot precious metal prices for 24 carat weight in Delhi rose simply by Rs 1,365 along with strong rally in worldwide prices,” HDFC Sec Senior Analyst (Commodities) Tapan Patel said.

In often the international market, gold seemed to be quoting with gains on USD 2,032 per ounce, while silver seemed to be trading at USD 26.40 per ounce.

“Gold prices scaled new culminant on weak dollar plus concerns over economic progress amid rising virus conditions,” Patel said.

Sriram Iyer, Senior Research Analyzer at Reliance Securities, mentioned, “Investors continue to keep on being buyers in the safe-haven precious metal as they expect that the material will hold its value superior to other assets as after effects from COVID-19 cripples the worldwide economy.”

Kishore Narne, Head – Commodity & Currency, Motilal Oswal Finance said gold and silver have been the top performing assets so far this current year with 40 per dollar and 50 per dollar returns, respectively, and the uptrend is likely to continue.

With central banks pushing “unprecedented amounts” of liquidity, trade battle concerns, geo-political uncertainty, soaring COVID-19 infections and danger involving a second wave of infections, prices of the two precious metals are likely to increase, Narne added

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