Gold jumps Rs 250; silver declines Rs 500

New Delhi: Gold prices jumped by Rs 250 to Rs 89,350 per 10 grams on Tuesday extending gains for the second day amid depreciation in rupee, according to the All India Sarafa Association. The gold of 99.5 per cent purity rose by Rs 250 to Rs 88,950 per 10 grams from the previous close of Rs 88,700 per 10 grams. On February 20, gold of 99.9 per cent and 99.5 per cent purity hit all-time highs of Rs 89,450 and Rs 89,050 per 10 grams, respectively. However, silver prices slipped below the Rs 1 lakh mark, falling by Rs 500 to Rs 99,500 per kg. Rahul Kalantri, VP Commodities at Mehta Equities Ltd, said: “Silver fell due to weakness in the industrial metals and rebound in the dollar index. Global equity markets are also struggling due to Trump’s tariff fears and pressure on industrial metals but reversal in the US Treasury yields could support silver prices at lower levels.” Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said: “Gold traded positively in MCX as rupee weakness below 87.10 provided support to domestic prices. Meanwhile, Comex gold remained range-bound between USD 2,930 and 2,955, continuing its consolidation phase over the past few sessions.”