Gold prices extended their gains on Wednesday, tracking bullish cues from the overseas markets, HDFC Securities senior analyst of commodities Saumil Gandhi said.
"Gold held gains as conflict in the Middle East continued to support markets, while investors considered, whether tightening financial conditions may have reached a peak, following dovish commentary from Federal Reserve officials.
This significant increase in gold prices comes on the heels of a substantial 1.6 percent surge on the previous day, representing its most substantial one-day gain in five months.
"Geopolitical concerns cause a new wave of worldwide risk aversion, which helps safe haven assets like gold. In addition to hurting the market, the escalating geopolitical turmoil is a threat to global economic growth.
Gold price gained Rs 50 to Rs 57,400 per 10 grams in the national capital on Friday amid a rise in precious metal prices internationally, according to HDFC Securities. In the previous trade, the yellow metal had ended at Rs 57,350 per 10 grams.