Precious metals rise on global cues

New Delhi: Gold in the national capital on Monday rose by Rs 250 to Rs 46,277 per 10 gram in line with a rebound in global precious metal prices and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,027 per 10 gram. Silver also jumped Rs 258 to Rs 66,842 per kilogram from Rs 66,584 per kilogram in the previous trade. In the international market, gold was trading higher at $1,782 per ounce and silver also gained marginally to $26.05 per ounce.

"Gold prices witnessed recovery on Monday after reporting the worst weekly decline in 15 months. The yellow metal was supported by fall in US treasury yields despite firm dollar," according to HDFC Securities, senior analyst (commodities), Tapan Patel. Navneet Damani, V-P (commodities research), Motilal Oswal Financial Services, said: "Gold prices edged higher after posting a 6 per cent drop; the biggest weekly loss in 15 months as a retreat in US Treasury yields boosted the appeal of the safe-haven metal."

Gold futures gain on spot demand

Gold futures on MCX rose by Rs 272 to Rs 47,000 per 10 gram as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for the August delivery traded higher by Rs 272, or 0.58 per cent, at Rs 47,000 per 10 gram in a business turnover of 11,024 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Gold prices traded 0.74 per cent higher at $1,782.10 per ounce in New York.