Gold prices rose to 57,380 rupees per 10 grams from 480 rupees in the capital on Tuesday, according to HDFC Securities. Precious metals had previously closed at Rs 56,900 per 10 grams. Silver also increased from Rs 2,150 to Rs 66,900 per kg.
“The spot gold price in the Delhi market rose by 480 rupees per 10 grams to 57,380 rupees per 10 grams,” said Saumil Gandhi, senior analyst for HDFC Securities’ commodities division.
On the foreign market, gold and silver were trading at $1,909 and $20.80 per ounce, respectively. “After the collapse of two of the country’s largest regional banks, hopes that the Federal Reserve would be less aggressive in rate hikes boosted the allure of non-yielding bullion, so the gold price pushed him to the critical $1,900 level. It’s been at a decent level,’ he said.
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