New Delhi, May 23 (PTI) Gold prices rose Rs 100 to Rs 98,750 per 10 grams in the national capital on Friday amid firm global cues, according to the All India Sarafa Association.
The precious metal of 99.5 per cent purity appreciated by Rs 100 to Rs 98,300 per 10 grams (inclusive of all taxes).
Firm trends in the international markets and persistent concerns about US fiscal policy continued to support longer-term demand for bullion prices, the association said.
However, silver prices plunged by Rs 2,000 to Rs 99,200 per kg (inclusive of all taxes) on Friday. The white metal had closed at Rs 1,01,200 per kg on Thursday.
On the global front, spot gold increased by USD 35.46 or 1.08 per cent to USD 3,330.23 per ounce.
“Gold edged higher set for its biggest weekly gain since mid-April, as fiscal concerns in the US continue to provide a supportive backdrop,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.
According to HDFC Securities’ Senior Analyst of Commodities Saumil Gandhi, market participants will be awaiting key US macroeconomic data, including building permits, new home sales, and a speech by Federal Reserve Governor Lisa D Cook, which are expected to impact gold prices.
