| Gold climbs by Rs 1,080 | | |
New Delhi, May 2:
Agencies
Gold prices climbed Rs 1,080 to Rs 96,800 per 10 grams in the national capital on Friday due to fresh buying from jewellers amid a firm trend overseas, according to the All India Sarafa Association.
On Thursday, the precious metal of 99.9 per cent purity plunged Rs 2,830 to Rs 95,720 per 10 grams.
Gold of 99.5 per cent purity rose Rs 180 to Rs 96,350 per 10 grams. It had depreciated Rs 1,930 to Rs 96,170 per 10 grams in the previous market session.
Traders said gold rallied due to fresh demand from local jewellers and a firm trend in the international markets.
Additionally, silver prices also shot up Rs 1,600 to Rs 97,100 per kg on Friday. In the previous close, the white metal had tanked Rs 2,500 to Rs 95,500 per kg.
The local markets were closed during the morning session on Thursday on account of ‘International Labour Day’. Later, it reopened for trading in the evening session.
Spot gold rose USD 23.10, or 0.71 per cent, to USD 3,262.30 per ounce in the global markets.
“Gold prices rebounded strongly with sentiment stabilising amid persistent ambiguity over US-led trade deals,” Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said.
The lack of clarity and shifting stances from the US on ongoing trade discussions has led market participants to unwind short positions in gold, providing fresh upside momentum, Trivedi said, adding that safe-haven interest is returning gradually as a result.
On Friday, spot silver rose 0.23 per cent to USD 32.49 per ounce.
According to commodities experts, market participants are awaiting the US Nonfarm Payrolls (NFP) data to be released later in the day that will act as a tailwind for the yellow metal prices. |
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