Gold rallies to Rs 76,350/10g, silver trading flat

New Delhi: Gold prices rallied Rs700 to Rs76,350 per 10 grams in the national capital on Friday amid a rise in precious metal rates globally. On Thursday, the yellow metal of 99.9 per cent purity had closed at Rs75,650 per 10 grams in the previous session. However, silver remained flat at Rs91,000 per kilogram. Additionally, gold of 99.5 per cent purity rose for the third straight session, climbing Rs700 to Rs76,000 per 10 grams on Friday, according to All India Sarafa Association. It had ended at Rs75,300 per 10 grams in the previous close. In the local markets, traders attributed the jump in precious metal prices to a pick-up in demand by jewellers and stockists, owing to festivals and upcoming wedding season. On the other hand, gold contracts for October delivery jumped Rs341 or 0.46 per cent to Rs73,779 per 10 grams in the futures trade on the Multi Commodity Exchange (MCX).

Silver contracts for December delivery rose Rs145 or 0.16 per cent to Rs90,113 per kg on the exchange. India’s gold imports more than doubled in August to a record high of $10.06 billion, mainly on account of a drastic cut in customs duty and festive demand, according to the Commerce Ministry data.