Precious metals gain on weaker dollar

Gold in the national capital on Thursday jumped Rs 177 to Rs 47,443 per 10 gram in tandem with gain in global precious metal prices. In the previous trade, the precious metal had closed at Rs 47,266 per 10 grams. Silver also gained Rs 83 to Rs 68,277 per kg, from Rs 68,194 per kg in the previous trade. In the global market, gold was trading with gains at $1,831 per ounce and silver was flat at $26.30 per ounce.

"Gold prices extended gains hovering above $1,830 supported by weaker dollar and fall in US treasury yields," said Tapan Patel, senior analyst (commodities), HDFC Securities.

Gold futures on MCX rose Rs 136 to Rs 48,435 per 10 gram as speculators created fresh positions amid firming spot demand. On the Multi Commodity Exchange (MCX), gold contracts for the August delivery traded higher by Rs 136, or 0.28 per cent, at Rs 48,435 per 10 gram in a business turnover of 8,391 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Gold prices traded 0.37 per cent higher at $1,831.70 per ounce in New York.