Silver also zoomed Rs 1,173 to Rs 70,054 per kilogram.
“Spot gold prices in the Delhi markets traded at Rs 56,701 per 10 grams, up Rs 314 per 10 grams,” said an analyst at HDFC Securities.
In the overseas market, both gold and silver were trading higher at USD 1,916 per ounce and USD 24.22 per ounce, respectively.
“Gold held near nine-month highs, aided by expectations of slower interest rate hikes from the US Federal Reserve. Dollar index and US yields were also down by 2 per cent and 1.5 per cent, respectively, last week supporting the move in bullions, Navneet Damani, Senior VP – Commodity Research at
, said. Premiums for physical gold rose sharply in China last week, buoyed by optimism around the country’s reopening before Lunar New Year festivities, while Indian traders offered steeper discounts as record-high local prices dented consumer sentiment, Damani said.