Gold Climbs Rs 300; Silver Gains Rs 1,300

New Delhi: Gold price surged to reclaim the Rs79,000-level in the national capital on Thursday due to fresh buying by jewellers and stockists, according to the All India Sarafa Association. Snapping its three-day losing run, the precious metal of 99.9 per cent purity rose Rs300 to Rs79,150 per 10 grams from the previous close of Rs78,850 per 10 grams on Wednesday.

Traders said gold climbed due to fresh demand by jewellers and retailers in the local markets. Silver continued to shine for the third straight day by jumping Rs1,300 to Rs93,800 per kg on Thursday. It ended at Rs92,500 per kg on Wednesday. Price of gold of 99.5 per cent purity advanced Rs300 to Rs78,750 per 10 grams. It settled at Rs78,450 per 10 grams in the previous trading session.

Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery dipped Rs160 or 0.21 per cent to trade at Rs76,932 per 10 grams. “Gold traded flat to positive. In MCX, gold is expected to trade within the range of Rs76,700-77,400,” Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.

Silver contracts for March delivery declined Rs188 or 0.2 per cent to Rs93,105 per kg on the exchange. Globally, Comex gold futures fell $7.20 or 0.27 per cent to $2,669 per ounce. “Persistent global risk, as well as political uncertainty in France and South Korea, contribute to driving up the safe-haven precious metal price.