New Delhi, Oct 9 (PTI) Gold prices climbed Rs 1,900 to Rs 1.54 lakh per 10 grams in the national capital on Friday, extending gains for a second straight session as a retreat in the US dollar lifted investors’ sentiment.
The 99.9 per cent pure metal jumped Rs 1,900 to Rs 1,54,400 per 10 grams, inclusive of all taxes, from Thursday’s closing level of Rs 1,52,500 per 10 grams, according to the All India Sarafa Association.
Silver ended its losing streak, and gained Rs 4,500 to Rs 2,28,500 per kilogram, inclusive of all taxes, from the previous close of Rs 2,24,000 per kg. It had fallen by Rs 3,000 on Thursday after remaining unchanged during the first three sessions of the week.
“Gold rose as the US dollar eased from recent highs, providing support to precious metals despite ongoing inflation concerns,” said Gaurav Garg, Head of Research at brokerage platform Lemonn.
Silver also benefitted from the broader recovery in the precious metals, Garg said, adding that continued weakness in the rupee was increasing the domestic cost of imported commodities.
The latest gains helped gold recover Rs 4,600, or 3.07 per cent, over the last two sessions following a volatile week. Silver, meanwhile, recouped Rs 1,500, or nearly 1 per cent, in the domestic market.
In the international markets, spot gold rose USD 48.35, or 1.17 per cent, to USD 4,181.98 per ounce, while silver rebounded 2 per cent to USD 60.32 an ounce after sinking to a three-month low.
“Spot gold traded with a gain of over 1 per cent at around USD 4,180 per ounce as the US dollar index and crude oil prices have pulled back,” said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.
Looking ahead, Singh expects gold to trade in a range-bound manner with a slightly positive bias, but cautioned that the metal remains vulnerable to sudden spikes in oil prices.
Such price surges have become frequent amid volatile and tensed situation in West Asia, he said.
