Gold Jumps Rs 600; Silver Climbs Rs 1,500

New Delhi: Gold prices jumped Rs 600 to Rs 78,050 per 10 grams in the national capital on Tuesday amid a strong global trend in the overseas market, according to the All India Sarafa Association. On Monday, the precious metal of 99.9 per cent purity closed at Rs 77,450 per 10 grams. Gold prices also rose due to increased buying by local jewellers and retailers for the wedding festivities, traders said. Silver bounced Rs 1,500 to Rs 93,500 per kg against the previous close of Rs 92,000 per kg on Monday. Gold price of 99.5 per cent purity rose Rs 600 to Rs 77,650 per 10 grams. It had ended at Rs 77,050 per 10 grams in the previous session. In the international markets, Comex gold futures rose $19.50 per ounce or 0.75 per cent at $2,634.10 per ounce. Comex silver futures quoted 0.79 per cent higher at $31.47 per ounce in the Asian trading hours. Meanwhile, in futures trade on the MCX, gold contracts for December delivery jumped Rs 615 or 0.82 per cent to trade at Rs 75,662 per 10 grams. Silver contracts for December delivery bounced Rs 677 or 0.75 per cent to Rs 91,190 per kg on the Multi Commodity Exchange (MCX).

“MCX gold prices experienced a rebound in the last session after several days of underperformance, largely due to a pullback in the dollar index,” Deveya Gaglani, Senior Research Analyst at Axis Securities, said. “Gold prices moved higher as geopolitical tensions escalated, with renewed fears surrounding nuclear risks in the ongoing Russia-Ukraine conflict driving a surge in safe-haven demand boosting gold’s appeal,” Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said.