Gold up Rs 500 to Rs 74,600 per 10 gram; silver up Rs 500

Gold prices rose by Rs 500 to Rs 74,600 per 10 grams in the domestic market. capital On Wednesday, owing to increased buying by local jewellers as well as strong cues in global markets, the 99.9 per cent pure precious metal had closed at Rs 74,100 per 10 grams on Tuesday’s previous close.

With this, gold prices have risen by more than Rs 1,000 in the last two days.

Silver prices also rose by Rs 500 to Rs 85,000 per kg on Wednesday. In the previous session, it had closed at Rs 84,500 per kg, according to the All India Sarafa Association.

Meanwhile, gold with 99.5 per cent purity also rose by Rs 500 to Rs 74,250 per 10 grams from Rs 73,750 per 10 grams.

Traders said sentiment improved on the back of a pick-up in purchases by local jewellers and retailers, leading to a rise in gold prices.

In international markets, gold on Comex is trading 0.31 percent higher at US Dollar 2,550.90 per ounce. “Gold prices rose on Wednesday on the back of a pullback in the US dollar and a fall in Treasury bond yields,” said Saumil Gandhi, Senior Commodity Analyst at HDFC Securities. Adding to this, equity The market sell-off and risk-averse sentiment boosted flows into safe-haven assets like gold, which also lent support to gold prices, Gandhi added.

Silver also traded higher at $29.11 per ounce on overseas markets.

“Gold continued to trade in positive territory since yesterday (Tuesday) and sentiments are improving due to the decline seen in US Treasury bond yields.

“Traders brace for weaker-than-expected US dollar” inflation report that could alter size expectations interest rate “Interest rate cuts are expected at the US Federal Reserve meeting scheduled for September 18-19,” said Maneesh Sharma, Assistant Vice President, Commodities and Forex, Anand Rathi Shares and Stock Brokers.