Gold ends four-day losing streak, gains Rs 250 amid strong global cues on Dhanteras

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Amid strong global cues, gold prices recovered sharply by Rs 250 to Rs 61,200 per 10 grams in Delhi on Friday – ending its four-day losing streak on Dhanteras. In the previous trade, the precious metal had finished at Rs 60,950 per 10 grams.

“Gold prices rose on Friday, with spot gold prices in Delhi markets trading at Rs 61,200/10 grams, up by Rs 250 from the previous close,” HDFC Securities Senior Commodity Analyst Saumil Gandhi said.

Sliver also witnesses rise

Meanwhile, silver also rose by Rs 700 to Rs 74,000 per kilogram. In domestic markets, retail demand for gold is likely to pick up during the festive season, Gandhi said.

In the overseas market, gold and silver were up at USD 1,956 per ounce and USD 22.65 per ounce, respectively.

“Traders believe that the trajectory of gold prices will be closely monitored, with the Consumer Price Index (CPI) data due next week, expected to provide critical insights into the interest rate cycle,” said Jateen Trivedi, VP Research Analyst at LKP Securities.

ALSO READ: Dhanteras 2023: Best time to buy gold? Find out here

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