Gold rises Rs 294; silver falls Rs 170
Gold prices rose by Rs 294 to Rs 47,442 per 10 grams in the national capital on Friday in line with rally in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,148 per 10 grams. In contrast, silver prices declined by Rs 170 to Rs 66,274 per kg, from Rs 66,444 per kg in the previous trade.
In the international market, gold was trading higher at USD 1,830 per ounce and silver was flat at USD 25.57 per ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices witnessed strong buying following selling in dollar post FOMC meeting. The dollar index fell to a four-week low which boosted buying in the yellow metal."
Navneet Damani, vice-president (commodities research) of Motilal Oswal Financial Services, said, "Gold prices traded higher and are set for their biggest weekly gain in more than two months, as the US Fed governor struck a dovish tone and put cold water on the fears regarding a rate hike and early tapering, hence boosting the safe-haven appeal."
(With PTI Inputs)
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