Gold jumps Rs 650; silver climbs Rs 600

economictimes.indiatimes.com:

Gold price jumped Rs 650 to Rs 60,700 per 10 gram in the national capital on Wednesday amid strong global trends, according to HDFC Securities. The precious metal had ended at Rs 60,050 per 10 gram in the previous trade.Silver also climbed Rs 600 to Rs 77,600 per kilogram.

Gold prices in the domestic market surged to their highest level since June 10, following a bullish trend in the overseas market, Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities, said. In the global market, gold and silver were quoting higher at USD 1,978 per ounce and USD 25.05 per ounce, respectively.

Comex gold rose to a seven-week high as investors considered mixed US economic data that could impact inflation as well as the possibility that the country's interest rates will peak earlier than anticipated. Additionally, falling global bond yields following dovish commentary from a key European Central Bank official also boosted traders' sentiment, Gandhi said.