Gold price rises by Rs 100; Silver surges by Rs 870 amid strong global cues

Gold prices today: Gold prices increased by Rs 100 to Rs 73,410 per 10 grams in the national capital on Monday, driven by a strong global trend, according to HDFC Securities. The precious metal had closed at Rs 73,310 per 10 grams in the previous session.

Silver prices also experienced a significant rise, surging Rs 870 to Rs 94,270 per kg, up from Rs 93,400 per kg in the previous session.

"In Delhi markets, spot gold prices (24 carats) are quoted at Rs 73,410 per 10 grams, up by Rs 100 from Friday's afternoon price. Gold prices at the Multi Commodity Exchange (MCX) traded lower amid risk-averse sentiment and profit booking after surging in the previous week," said Dilip Parmar, Research Analyst at HDFC Securities.

In the international markets, spot gold on Comex rose by $10 per ounce to $2,373 per ounce. "Gold and silver prices increased significantly as the dollar retreated amidst mixed jobs data, increased rate cut expectations, and geopolitical updates. Silver, in particular, rallied sharply in the holiday-shortened week," said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd (MOFSL).

The focus this week will be on US Consumer Price Index (CPI) data, Producer Price Index (PPI), and the Federal Reserve Chair Jerome Powell's testimony, Modi added.

Additionally, silver is quoted higher at $30.93 per ounce, up from $30.55 per ounce in the previous session. "In Europe, traders are monitoring political events after France's left-wing New Popular Front coalition unexpectedly thwarted a far-right advance on Sunday but failed to secure a majority," said Prathamesh Mallya, DVP - Research, Non-Agri Commodities and Currencies at Angel One Ltd.

Gold prices are likely to remain elevated, driven by softening US labour data and economic indicators, with a potential Federal Reserve rate cut on the horizon, Mallya added.

(With PTI inputs)