Gold Jumps Rs 1,400 As Silver Remains Flat

New Delhi: Gold prices jumped Rs1,400 to Rs79,300 per 10 grams in the national capital on Thursday due to fresh buying by jewellers and retailers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs77,900 per 10 grams in the previous session. However, silver traded flat at Rs93,000 per kg on Thursday. Price of gold of 99.5 per cent purity zoomed Rs1,400 to Rs78,900 per 10 grams against the previous close of Rs77,500 per 10 grams on Wednesday.

Globally, Comex gold futures jumped $19.80 per ounce, or 0.74 per cent, at $2,695.40 per ounce. Silver also quoted 0.29 per cent higher at $31.53 per ounce in the Asian market hours. Meanwhile, in futures trade on the MCX, gold contracts for December delivery bounced Rs568, or 0.75 per cent, to trade at Rs76,602 per 10 grams. Silver contracts for December delivery rose Rs318, or 0.35 per cent, to Rs90,407 per kg on the MCX.

“Gold prices surged higher as geopolitical tensions reignited safe-haven demand, with renewed concerns over nuclear risks in the Russia-Ukraine conflict. “Reports of escalating tensions and global unease drove gold prices on comex,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.