Gold rallies Rs 940 to record high of Rs 62,020; silver zooms Rs 660

PTI, May 4, 2023, 5:19 PM IST

Gold prices rallied Rs 940 to a lifetime high of Rs 62,020 per 10 grams in the national capital on Thursday amid strong global trends, according to HDFC Securities.

The precious metal had settled at Rs 61,080 per 10 grams in the previous trade.

Silver also zoomed Rs 660 to Rs 76,700 per kg.

Gold prices in the domestic market climbed to record high following overnight gains in the international market, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the overseas market, both gold and silver were trading higher at USD 2,039.50 per ounce and USD 25.50 per ounce, respectively.

Gold prices traded up in Asian trading hours on Thursday as dollar and bond yields dropped after the US Fed signalled a pause in policy tightening from the next meeting after hiking the benchmark interest rate by 25 basis points, Gandhi said.