Gold Climbs Rs 570, Silver Rises Rs 1,850

New Delhi: Gold prices recovered Rs570 to Rs78,700 per 10 grams in the national capital on Monday amid value buying by stockists and investors following a firm global trend, according to the All India Sarafa Association. The precious metal ended at Rs78,130 per 10 grams on Friday. Silver surged Rs1,850 to reclaim the Rs90,000 per kg-mark on increased offtake by industrial units and coin makers. The white metal finished at Rs88,150 per kg in the previous trading session.

The price of gold of 99.5 per cent purity also jumped Rs570 to Rs78,300 per 10 grams on Monday. It closed at Rs77,730 per 10 grams in the previous session on Friday. Value buying by stockists and jewellers for the ongoing wedding season supported the uptrend in both gold and silver prices, traders said. Comex gold futures fell $6.70 per ounce, or 0.25 per cent, to $2,638.40 per ounce in the overseas markets.

However, Comex silver futures in the Asian trading session traded 0.72 per cent higher at $30.18 per ounce. “Gold and silver prices recovered from one-month and three-and-a-half month lows in a highly volatile session. The dollar index and the bond yields showed profit taking which supported precious metal,” Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said.