Gold and silver prices rise amid strong global trends

Gold price rallied Rs 770 to a record high of Rs 58,680 per 10 grams in the national capital on Thursday amid a jump in precious metal prices internationally, according to HDFC Securities.

The previous trade had settled at Rs 57,910 per 10 grams of yellow metal.

Silver also zoomed Rs 1,491 to Rs 71,666 per kilogram.

In Delhi

"Spot gold prices in the Delhi markets traded at a record high of Rs 58,680 per 10 grams, up Rs 770 per 10 grams," said an analyst at HDFC Securities.

In the overseas market, both gold and silver were traded in green at USD 1,956 per ounce and USD 24.15 per ounce, respectively.

After investors learned about the US Federal Reserve's dovish policy on Thursday during Asian trading hours, Comex gold prices reached their best levels in more than nine months.

The Fed increased interest rates by 0.25 percentage point on Wednesday, following a year of higher increases.

US Fed Governor

US Fed Governor Powell issued a warning about additional tightening of monetary policy but also recognised the progress made in the fight against inflation, which he said is still in its early stages.

The analyst stated that today's traders' attention would be on the outcome and future course of European Central Bank and Bank of England policy.