Gold plunges Rs 400; silver rallies Rs800

New Delhi: Gold prices plunged Rs400 to Rs72,750 per 10 grams in the national capital on Friday, according to the All India Sarafa Association. The precious metal had closed at Rs73,150 per 10 grams in the previous session. The commodity markets were closed on Thursday on the occasion of Independence Day. Silver prices rallied Rs800 to Rs84,000 per kilogram from Rs83,200 per kg in the previous close. Meanwhile, gold of 99.5 per cent purity declined by Rs400 to Rs72,400 per 10 grams. In the previous session, it ended at Rs72,800 per 10 grams.

On the global front, Comex gold is trading at $2,500.90 per ounce, up by $8.50 per ounce. “Gold rose slightly on Friday as geopolitical uncertainty continued to provide support for precious metals. “However, stronger US retail sales and jobless claim data released on Thursday suggest robust consumer spending, reducing concerns about recession risk in the US and dampening aggressive interest rate-cut expectations, potentially limiting further gains in precious metals,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.