Gold climbs Rs 500, silver rallies Rs 1,000

New Delhi: Gold prices climbed by Rs500 to Rs74,100 per 10 grams in the national capital on Thursday due to fresh demand by jewellers amid a strong trend in the overseas markets. The precious metal had closed at Rs73,600 per 10 grams in the previous close on Wednesday. Tracking gold, silver also rallied by Rs1,000 to Rs84,600 per kilogram on Thursday due to increased offtake from industrial units and coin makers, according to the All India Sarafa Association. It had finished at Rs83,600 per kg in the previous trade. In addition, gold of 99.5 per cent purity jumped by Rs500 to Rs73,750 per 10 grams from Rs73,250. Domestically, traders attributed the rise in gold prices to a strong trend in the international markets, which influenced the market sentiment to an increased buying from local jewellers. On the overseas front, Comex gold rose 0.82 per cent higher to $2,546.80 per ounce. Silver also trading higher at $29.07 per ounce in the international markets.

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said: “The bullion advanced on Thursday following weaker-than-expected US job data, which bolstered bets on steep rate cuts that provided support for non-yielding metals like gold.”