Gold prices rise Rs 300, silver declines Rs 300

New Delhi: Gold prices rose Rs300 to Rs73,150 per 10 grams in the national capital on Wednesday amid a jump in precious metal rates in the international markets. The yellow metal of 99.9 per cent purity had ended at Rs72,850 per 10 grams in the previous session on Tuesday. However, silver prices declined by Rs300 to Rs83,200 per kilogram from Rs83,500 per kg in the previous close, according to the All India Sarafa Association. Extending gains for the third straight session, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs300 each to Rs73,150 and Rs72,800 per 10 grams, respectively. Traders said gold prices saw an uptrend due to a rise in domestic demand as well as global influences.

Globally, Comex gold is trading at $2,512.30 per ounce, up by $4.50 per ounce. “Comex gold consolidated near record highs, closing higher for the fifth consecutive session, buoyed by a weaker dollar and decline in US Treasury yields as the US Producer Price Index data rose. Additionally, “safe haven demand for gold increased due to geopolitical tensions,” Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said. Silver was also quoting higher at $27.98 per ounce in the international markets.