Gold prices rise ₹130, silver prices jump ₹100 amid strong global cues

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₹130 to ₹59,280 per 10 gram in the national capital on Tuesday amid strong global cues. The yellow metal had ended at ₹59,150 per 10 gram in the previous trade. Silver also jumped ₹100 to ₹71,300 per kg.

"Gold trading higher on Tuesday, with spot gold prices in the Delhi markets at ₹59,280/10 gram, up by ₹130 per 10 gram, taking cues from overseas markets," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. US gold futures gained 0.4% to $1,937.20.Following poorer than anticipated economic data on Monday, safe-haven purchase is still helping sustain gold prices, while investors await the outcome of FOMC June meeting minutes on Wednesday, which could provide further insights on the interest rate front, Gandhi said. In international markets, gold firmed on Tuesday as some traders bet that recent weak US economic data may prompt the Federal Reserve to rethink its rate hike trajectory, while also positioning for further cues from the minutes of the central bank's last meeting.

Spot gold rose 0.4% to $1,929.54 per ounce, with trading volume likely thinned by a US holiday.  "Weaker than expected U.S. economic data released on Monday, including PMIs, have supported gold. Market participants will closely track upcoming U.S.

job market data, watching if previous U.S. interest rate hikes will slow down the U.S. economy," UBS analyst Giovanni Staunovo as quoted by Reuters.