Gold rallied by Rs 135 to Rs 51,898 per 10 gram in the national capital on Thursday amid a rise in price of the metal in international market, according to Securities. In the previous trade, the yellow metal had settled at Rs 51,763 per 10 gram.
Silver, however, dropped by Rs 250 to Rs 61,618 per kg.
“Gold traded steady above the USD 1,680 level as market participants remain cautious ahead of the key US inflation report to gauge the pace of the Federal Reserve’s future interest rate hikes,” said Navneet Damani, Senior VP – Commodity Research at
.
In the international market, gold was trading in the green at USD 1,709 per ounce while silver was flat at USD 21.05 per ounce.
“After registering steep rise on Monday, the US gold has been consolidating for last two trading sessions, amid uncertainty over the US mid-term elections and as markets awaited key inflation data from the country later in the day,” said Vinay Rajani, Research Analyst at HDFC Securities.