Gold Climbs Rs 950, Silver Loses Rs 1,000

New Delhi: Gold prices bounced back on Tuesday, rising Rs950 to Rs 79,300 per 10 grams in the national capital, as jewellers made fresh buying at prevailing levels to meet the wedding season demand, according to the All India Sarafa Association. Besides, the US Federal Reserve, which starts its two-day monetary policy meeting on Tuesday, is expected to announce its interest rate decision, which could have an impact on the overall gold performance next year. The precious metal of 99.9 per cent purity ended at Rs 78,350 per 10 grams on Monday.

However, silver ex-tended its losses for the third straight day, declining Rs 1,000 to Rs 91,500 per kg against the previous close of Rs 92,500 per kg. Meanwhile, the price of gold of 99.5 per cent purity jumped Rs 950 to Rs 78,900 per 10 grams on Tuesday. The yellow metal closed at Rs 77,950 per 10 grams in the previous trading session. Traders said wedding season buying by jewellers reignited demand for the precious metal as a safe haven.

Comex gold futures fell $15.50 per ounce, or 0.58 per cent, to $2,654.50 per ounce in the interna-tional markets. Silver traded 0.99 per cent lower in the Asian trading hours at $30.75 per ounce. “Gold prices weakened on Comex and dropped on MCX as the outcome of the Fed’s policy meeting prompted caution among market participants,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. Long positions were trimmed ahead of the year’s final policy announcement, with expectations that forward guidance on rate cuts may re-main unclear.