Gold Rises Rs 500; Silver Gains Rs 700

New Delhi: Gold prices climbed Rs500 to Rs80,900 per 10 grams in the national capital on Thursday due to persistent buying by retailers and jewellers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity finished at Rs80,400 per 10 grams in the previous trading session. The yellow metal has jumped nearly Rs2,000 in the past three sessions. Silver also rallied Rs700 to Rs97,000 per kg on Thursday. The white metal settled at Rs96,300 per kg in the previous session.

The price of gold of 99.5 per cent purity also surged Rs500 to Rs80,500 per 10 grams. It ended at Rs80,000 per 10 grams on Wednesday. According to traders, persistent buying by jewellers and a firm trend in the international markets were among the factors that aided the rally in gold prices. Globally, Comex gold futures fell $9.70 per ounce or 0.35 per cent at $2,747 per ounce.

Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery dipped Rs114 or 0.14 per cent to Rs78,888 per 10 grams. “Gold traded within a volatile range and experienced minor profit booking at higher levels, with Comex prices facing resistance near $2,720–2,725 and MCX encountering a hurdle around Rs79,000,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

However, silver contracts for March delivery climbed Rs420 or 0.44 per cent to Rs96,222 per kg. “Gold surged past $2,700 in Wednesday’s session after inflation data came in slightly mixed, however, market participants continued to discount one more rate cut in December’s US Federal Reserve meeting supporting bullion,” Manav Modi, Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, said.