He further added that gold prices have an upper trading limit.
According to HDFC Securities, gold rose by Rs 247 to Rs 48,403 per 10 grams in the local market here on Wednesday amid gains in the metal in international markets.
The precious metal had closed at ₹ 48,156 per 10 grams in the previous trade.
Silver also rose by ₹825 to ₹62,417 per kg from ₹61,592 per kg in the previous trade.
In the international market, gold was trading higher at $ 1,827 an ounce and silver was trading flat at $ 23.17 an ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold was trading marginally higher at $ 1,827 an ounce in Comex on Wednesday.”
He further said that gold prices remained in the upper trading range due to a weaker dollar and fall in US bond yields.
Navneet Damani, Senior VP, Commodity Research, Motilal Oswal Financial Services, said: “Gold prices continue to rise as inflationary pressures, uncertainty in Russia and Ukraine fuel the safe-haven appeal.”
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