Gold Rises Rs 500, Silver Jumps Rs 800

New Delhi: Gold prices rose Rs500 to reclaim the Rs80,000 mark in the national capital on Friday amid fresh buying by local jewellers and retailers for the wedding festivities, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had settled lower at Rs79,500 per 10 grams on Thursday. Silver also jumped Rs800 to Rs94,600 per kg against the previous close of Rs93,800 per kg.

The price of gold of 99.5 per cent purity climbed Rs500 to Rs79,600 per 10 grams. It had closed at Rs79,100 per 10 grams on Thursday. Traders said demand from local jeweller businesses has picked up for the wedding season. Besides, gold prices witnessed an uptick as investors bet on this asset class as a safe haven, owing to depreciation in the rupee against the US dollar (USD). In the Asian market hours, Comex gold futures depreciated by $10 per ounce or 0.37 per cent to $2,695.70 per ounce. Silver also traded 0.80 per cent lower at $31.60 per ounce in the global markets.

In future trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery slipped Rs198 or 0.26 per cent to trade at Rs77,213 per 10 grams. Silver contracts for December delivery decreased Rs630 or 0.68 per cent to Rs91,683 per kg on the bourse. On the market outlook for gold, Abans Holdings Chief Executive Officer (CEO) Chintan Mehta said traders believe that gold prices will rise from their current levels. However, the possibility of a delay in additional interest rate cuts may push prices down in the near term, though such dips could present an opportunity to accumulate gold, Mehta added.