Gold prices zoom Rs 930 on firm global cues

Gold prices on Thursday zoomed Rs 930 to Rs 35,800 per 10 gram in the national capital tracking positive overseas trend after U.S Federal Reserve Chairman Jerome Powell hinted at a rate cut soon that prompted investors to move towards safe-haven assets like the yellow metal.

Silver also followed the suit and rose by Rs 300 to Rs 39,200 per kg due to more offtake by industrial units and coin makers.

"Spot gold jumped to a one-week high in the international market due to a feeble dollar after dovish comments from the US Federal Reserve chairman. The Fed chair's cautious stance on the U.S economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold," said Hareesh. V, head (commodity research), Geojit Financial Services.

He further said weak global economic outlook and unsolved trade war tensions between the U.S and China are the other positive drivers of the yellow metal.

Meanwhile, globally spot gold was trading at USD 1,420.80 an ounce.

Similarly, silver was also up at USD 15.24 per ounce in New York.