Gold jumps Rs 50; silver remains flat

Gold price jumped Rs 50 to Rs 61,700 per 10 grams in the national capital on Wednesday, according to HDFC Securities. In the previous trade, the precious metal had finished at Rs 61,650 per 10 grams.

“Gold traded firm on Wednesday, up by Rs 50 against its previous close.

“Meanwhile, in the domestic market the demand of gold retail jewellery is likely to improve ahead of the festive season,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Silver, meanwhile, remained flat at Rs 74,500 per kilogram.

In the overseas markets, both gold and silver were down at USD 1,974 per ounce and USD 22.88 per ounce, respectively.

Gold price fluctuated in a narrow range as traders awaited more cues on the macro front and US Federal Reserve Chair Jerome Powell’s speech due later on Wednesday, Gandhi said.

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This article was originally published by Indiatimes.com. Read the original article here.