Gold jumps Rs 450 to breach Rs 79k-mark silver remains flat MCX global market

Gold prices precocious Rs 450 to deed different grounds of Rs 79,350 per 10 grams successful the nationalist superior connected Thursday connected the backmost of continued buying by jewellers and stockists, according to the All India Sarafa Association. The precious metallic of 99.9 per cent purity had closed astatine Rs 78,900 per 10 grams successful the erstwhile league connected Wednesday.

Rallying for the 2nd consecutive day, golden of 99.5 per cent purity climbed Rs 450 to deed different caller precocious of Rs 78,950 per 10 grams. It had finished astatine Rs 78,500 per 10 grams.

However, metallic remained level astatine Rs 93,500 per kg.

Traders said accrued buying by section jewellers to conscionable festive request and a rally successful the precious metallic rates successful the planetary markets chiefly lifted golden prices to grounds precocious levels.

In futures commercialized connected the Multi Commodity Exchange (MCX), golden contracts for December transportation roseate Rs 355 oregon 0.46 per cent to deed a beingness precocious of Rs 77,019 per 10 grams.

"Gold prices extended their rally, with gains successful MCX, marking all-time highs erstwhile again. This rally is being driven by increasing uncertainty successful the returns of risky assets, making golden an charismatic allocation for investors," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.

However, metallic contracts for December transportation depreciated Rs 181 oregon 0.2 per cent to Rs 92,002 per kg connected the bourse.

In the Asian marketplace hours, Comex golden futures roseate 0.43 per cent to USD 2,703 per ounce.

"Gold precocious towards grounds highs arsenic gains successful non-yielding bullion were bolstered by weakness successful US enslaved yields and expected complaint cuts by large cardinal banks, with further safe-haven enactment from ongoing geopolitical conflicts," Manav Modi, Senior Analyst, Commodity Research astatine Motilal Oswal Financial Services, said.

The European Central Bank looks acceptable to present different complaint chopped aboriginal connected Thursday, portion a driblet successful ostentation was indicated a complaint chopped adjacent period by the Bank of England.

According to Saumil Gandhi, Senior Analyst - Commodities astatine HDFC Securities, golden climbed toward a caller grounds precocious connected Thursday. Safe haven request and a affirmative outlook from the London Bullion Market Association (LBMA) supported the caller rally successful bullion prices.

Meanwhile, metallic futures slipped 0.15 per cent to USD 31.93 per ounce successful the planetary markets.

"Comex golden prices surged past USD 2,700 per ounce, bolstered by falling US Treasury yields and beardown safe-haven request amid escalating geopolitical tensions.

"Traders volition ticker cardinal macroeconomic data, including US Retail income and jobless figures for much insights into the gait of Federal Reserve easing this year," Kaynat Chainwala, AVP-Commodity Research astatine Kotak Securities, said.