New Delhi: Gold price surged by Rs700 to Rs76,400 per 10 grams in the local market here on Thursday on fresh domestic demand as well as depreciation in rupee. According to All India Sarafa Association, the yellow metal prices had closed at Rs75,700 per 10 grams in the previous session. Extending its gains for the sixth straight session, the precious metal jumped by Rs700 to Rs76,400 per 10 grams in the national capital. Meanwhile, gold of 99.5 per cent purity zoomed by Rs750 to Rs76,100 per 10 grams. However, silver prices declined by Rs400 to Rs94,000 per kg from Rs94,400 per kg in the previous session. Gold prices rose on account of sustained buying by local jewellers, the association said, adding weakness in the rupee also aided the rally in the yellow metal.

In the overseas market, Comex gold was trading at $2,466.80 per ounce, up by $6.90 per ounce. “Gold prices held steady after hitting a record peak earlier this week amid growing optimism for an interest-rate cut from the US Federal Reserve in September and a weaker dollar. However, this week market participants are expecting two rate cuts in 2024.