Gold climbs Rs 400; silver tumbles Rs 430

Gold climbs Rs 400; silver tumbles Rs 430

Gold price climbed Rs 400 to Rs 58,040 per 10 gram in the national capital on Friday amid a rise in the precious metal prices globally, according to HDFC Securities.The yellow metal had settled at Rs 57,640 per 10 gram in the previous trade.Silver, however, tumbled Rs 430 to Rs 67,600 per kilogram.

“Spot gold prices in the Delhi markets traded at Rs 58,040 per 10 gram, up Rs 400 per 10 gram,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

The recent rally in the yellow metal was supported by safe haven buying as concerns about the banking crisis continue after the European Central Bank hiked interest rates despite the ongoing financial stability risks, Gandhi said.