Finance
Gold prices increased by Rs 433 to Rs 57,025 per 10 grams on Friday, amid a rally in the metal in global markets, according to HDFC Securities.
In the previous trade, the precious metal ended at Rs 56,592 per 10 grams. Silver has also risen from Rs 990 to Rs 69,208 per kg.
Gold and silver were trading in the green on the international markets, at USD 1,932 per ounce and USD 24.02 per ounce, respectively.
Comex gold prices rose in Asian hours on Friday, boosted by safe-haven demand as weak US economic data and hawkish comments from Federal Reserve members fueled recession fears, according to an analyst.
“Market participants are anticipating a 25 bps rate hike in the February meet, lower than the previous meetings, this is weighing on the US yields as well supporting bullion,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.
Source:FE
