Gold Rallies Rs 600, Silver Jumps Rs 700

New Delhi: Gold prices rallied by Rs600 to Rs74,100 per 10 grams in the national capital on Tuesday on the back of fresh buying from jewellers. In the previous session, the precious metal of 99.9 per cent purity had closed at Rs73,500 per 10 grams on Monday. Silver prices, too, jumped Rs700 to Rs84,500 per kilogram from Rs83,800 per kg in the previous close, according to the All India Sarafa Association. Additionally, gold of 99.5 per cent purity bounced Rs400 to Rs73,750 per 10 grams. It had settled at Rs73,350 per 10 grams in the previous session. Traders said gold prices saw an uptrend due to rise in domestic demand. However, a weak trend overseas capped the gains. In the overseas markets, comex gold is trading lower at $2,532.10 per ounce. However, silver is quoting marginally higher at $28.70 per ounce globally.

“Gold prices have held above $2,500-mark through the start of the European session on Tuesday as traders seemed reluctant to place directional bets ahead of the US Inflation reports due to be published in the days ahead,” Maneesh Sharma, AVP of Commodities & Currencies at Anand Rathi Shares and Stock Brokers, said.