Silver soared by ₹1,800 to hit a fresh record high of ₹88,700 per kg on Thursday, while gold prices jumped ₹650 to ₹74,050 per 10 grams in line with strong global trends
According to HDFC Securities, silver rose for the second straight session. It had closed at ₹86,900 per kg in the previous session. In Calcutta, the price of ready silver rose ₹1,650 to ₹86,250 per kg from ₹84,600 on Wednesday.
Meanwhile, gold jumped ₹650 to ₹74,050 per 10 grams. In the previous session, it had closed at ₹73,400 per 10 grams.
In Calcutta, the price of pure gold rose to ₹74,050 from ₹73,450 on Wednesday.
“Bullion rose on Thursday as yesterday’s lower US inflation figures raised the prospect of interest rate cuts as early as September. In April, the underlying US inflation rate fell for the first time in six months.
“Following the data release, the US dollar index slipped to a fifth-week low, and US Treasury yields declined, which is also positive for the precious metal,” Saumil Gandhi, senior analyst, commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at $2,386 per ounce, up $21 from the previous close.
“Gold maintains a positive stance overall, but some minor profit booking may occur from higher levels,” Jateen Trivedi, VP research analyst of commodity and currency at LKP Securities, said.
Silver also quoted higher at $29.55 per ounce against $28.80 in the earlier session.
