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Yellow metal surges Rs 800 to hit record high of Rs 65K per 10 gm

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New Delhi: Gold prices on Tuesday surged Rs 800 to hit a fresh record high of Rs 65,000 per 10 gm in the capital amid strong global trends, according to HDFC Securities. In the previous close, the precious metal had closed at Rs 64,200 per 10 gm.

Silver also rallied Rs 900 to Rs 74,900 per kg. In the previous trade, it had settled at Rs 74,000 per kg. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,000 per 10 gm, up by Rs 800, taking bullish cues from the overseas markets. “In domestic markets, spot gold hit a new all-time high of Rs 65,000 on Tuesday,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said. In the markets, spot gold at Comex was trading at $2,110 per ounce, up by more than 1 per cent from the previous close.

“Gold prices have experienced an uptick driven by growing speculation that the US Federal Reserve will cut interest rates in June. A gain of more than Rs 2,400 has been seen in MCX in the last three days.

“The rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures,” Jateen Trivedi, VP Research Analyst at LKP Securities, said. Additionally, heightened geopolitical tensions have dampened the appetite for short-selling, thereby bolstering yellow metal's attractiveness as a buy-on-dip asset. Silver was also quoting higher at $23.88 per ounce. In the previous trade, it had ended at $23.09 per ounce.

“Gold and silver prices are trading positive, despite a steady dollar in the overseas market. Steady moves in global equities and uncertainty over the US Fed's policies on cutting interest rates have pushed investors towards the safer asset,” Pranav Mer, VP Research (Commodity & Currency) at BlinkX and JM Financial, said.

Fed rate-cut optimism

Gold prices have experienced an uptick driven by growing speculation that the US Federal Reserve will cut interest rates in June. A gain of more than Rs 2,400 has been seen in MCX in the last three days. — Jateen Trivedi, VP research analyst, LKP securities

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