Gold rises Rs 250, silver tumbles Rs 1,300

New Delhi: Gold prices rose by Rs250 to Rs72,800 per 10 grams in the local market here on Monday amid increased demand from jewellers. The precious metal settled lower at Rs72,550 per 10 grams in the previous session on Saturday. Extending its losses for the third straight day, silver prices tumbled by Rs1,300 to Rs84,200 per kg on decreased offtake by coin makers and industrial units, according to the All India Sarafa Association. It had ended at Rs85,500 per kg in the previous session. In addition, gold of 99.5 per cent purity increased by Rs250 to Rs72,450 per 10 grams from the previous close of Rs72,200 per 10 grams.

In the international markets, Comex gold is trading at $2,461.10 per ounce, down by $8.70 from the previous close. “COMEX gold experienced a volatile session, plummeting sharply before recovering as traders assessed a severe stock sell-off and rising Middle East tensions,” Dilip Parmar, Research Analyst at HDFC Securities, said. Silver was also quoted lower at $27.47 per ounce in New York. Meanwhile, gold futures plunged Rs309 or 0.44 per cent to trade at Rs69,480 per 10 grams on the Multi Commodity Exchange (MCX).