Gold prices rose by Rs 100 to Rs 58,700 per 10 grams in the national capital on Wednesday amid gains in the precious metal in global markets, according to HDFC Securities. The yellow metal had closed at Rs 58,600 per 10 grams in the previous trade.
Gold prices extended their gains on Wednesday, tracking bullish cues from the overseas markets, HDFC Securities senior analyst of commodities Saumil Gandhi said. Silver prices also spurted by Rs 400 to Rs 73,000 per kg.
Gold continues to inch higher as comments from US Federal Reserve officials suggested that a recent surge in Treasury yields might reduce the need for more rate hikes, Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said.
In the international markets, both gold and silver were quoting higher at USD 1,867 per ounce and USD 22.05 per ounce, respectively.
Traders will focus on the major macroeconomic data to be released later Wednesday, including US PPI inflation and FOMC minutes of the September meeting, Praveen Singh, Associate Vice-President, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.
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