Gold, silver prices rebound on strong global cues

New Delhi: Gold and silver prices rebounded sharply on Monday after falling for three straight sessions, with the precious metal jumping Rs220 to Rs72,820 per 10 grams in the national capital, tracking a strong trend in the overseas market due to escalating tensions in the Middle East. Gold had closed at Rs72,600 per 10 grams in the previous session on Friday, according to HDFC Securities.

Silver prices also bounced Rs1,050 to Rs92,850 per kg. In the previous session, it had finished at Rs91,800 per kg. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs72,820 per 10 grams, up by Rs220 against the previous close,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said. Additionally, silver also traded higher at $30.75 per ounce.

“Gold prices are stuck in a range, as the US and the UK markets are closed on Monday. “However, volatility is expected to remain high as focus will be on inflation numbers from Germany, Eurozone, and the US due later in the week and could give some clues on the rate cuts by European Central Bank (ECB) and the US Federal Reserve,” Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial Services, said.