New Delhi: Gold and silver prices rose sharply in the domestic bullion market on Friday, as positive signals from global markets and a weaker US dollar strengthened investor sentiment.
According to the All India Sarafa Association, gold of 99.9 per cent purity gained Rs 1,900 in a single day to reach Rs 1,54,400 per 10 grams in the Delhi market. It had closed at Rs 1,52,500 on Thursday. Silver also surged, rising Rs 4,500 to settle at Rs 2,28,500 per kg, against Rs 2,24,000 the previous day.
This marks the second consecutive day of gains for gold. Over the last two sessions, the metal has recovered about Rs 4,600 per 10 grams, or 3.07 per cent. In the international market, spot gold traded in a range of $4,182 to $4,194 per ounce, while silver recovered from a three-month low to move between $60.3 and $61 per ounce.
Market experts said the dollar’s decline from recent highs has made dollar-denominated precious metals more attractive to holders of other currencies. A weaker Indian rupee has also pushed up the price of imported gold. Despite inflation concerns, demand for gold as a safe-haven investment has risen. However, analysts expect volatility in crude oil prices to influence the bullion market in the near term.
On the Multi Commodity Exchange (MCX), gold futures rose 1.13 per cent to trade near Rs 1,51,300 per 10 grams, while silver futures gained 1.64 per cent to trade at Rs 2,24,859 per kg. In the Hyderabad bullion market, 10 grams of gold was quoted at around Rs 1,54,270 at the close of evening trading, and silver at Rs 2.29 lakh per kg.