Image for representation purpose only. file | Photo Credit: Mohd Yusuf
According to HDFC Securities, gold prices rose by ₹314 to ₹56,701 per 10 grams in the national capital on January 16 amid a strong global trend.
In the previous trade, the yellow metal had closed at Rs 56,387 per 10 grams.
Silver also advanced by Rs 1,173 to Rs 70,054 per kg.
An analyst at HDFC Securities said, “Gold prices rose by ₹314 to ₹56,701 per 10 grams in Delhi markets.”
In the overseas market, gold and silver were trading higher at $1,916 an ounce and $24.22 an ounce, respectively.
Gold held near a nine-month high on hopes of a slower interest rate hike from the US Federal Reserve. Navneet Damani, senior VP-commodity research, Motilal Oswal Financial Services, said dollar index and US yields were also down 2% and 1.5% respectively last week, supporting the move in bullion.
Mr Damani said physical gold premiums rose sharply in China last week, buoyed by hopes of the country’s reopening ahead of the Lunar New Year festivities, while Indian traders offered steep discounts due to record high local prices, Due to which consumer sentiment was affected.