Gold rises Rs 200, silver rallies Rs 1,000

New Delhi: Gold prices rose by Rs200 to Rs72,350 per 10 grams while silver prices rallied by Rs1,000 per kg in the local market here on Monday amid firm global trends. In the previous session, the yellow metal of 99.9 per cent purity had closed lower at Rs72,150 per 10 grams on Saturday, according to the All India Sarafa Association. Silver prices jumped by Rs1,000 to Rs83,500 per kg from Rs82,500 per kg in the previous close. Meanwhile, gold of 99.5 per cent purity also climbed by Rs200 to Rs72,000 per 10 grams. In the previous trade, it had ended at Rs71,800 per 10 grams on Saturday. Traders attributed the rise in gold prices to increased demand from local jewellers and a strong trend in the overseas markets.

On the global front, Comex gold is trading at $2,481.80 per ounce, up by $8.40 per ounce. “Gold prices rose on Monday as persisting geopolitical concerns about Middle Eastern crises boosted the safe-haven demand for precious metal,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Apart from that, traders also increased their bets on the US Federal Reserve’s (Fed) aggressive interest rate cuts this year after recent weak macro data provided further support for the yellow metal, Gandhi added.