Gold rises Rs 200 to Rs 81,300 per 10 grams; silver jumps Rs 1,800

Gold prices roseate Rs 200 to Rs 81,300 per 10 grams successful the nationalist superior connected Tuesday amid caller buying by section jewellers and retailers and beardown planetary trends, according to the All India Sarafa Association.

The precious metallic of 99.9 per cent purity retreated from a grounds precocious successful the nationalist superior connected Monday, declining Rs 1,300 to Rs 81,100 per 10 grams. Silver jumped Rs 1,800 to Rs 96,700 per kg connected Tuesday.

In the erstwhile session, it had closed astatine Rs 94,900 per kg. Gold of 99.5 per cent purity appreciated by Rs 200 to Rs 80,900 per 10 grams against the erstwhile adjacent of Rs 80,700 per 10 grams connected Monday.

Traders attributed the emergence successful yellowish metallic prices to a pick-up successful request by section jewellers and retailers successful the home markets. Meanwhile, successful futures commercialized connected the Multi Commodity Exchange (MCX), golden contracts for December transportation slipped Rs 18 oregon 0.02 per cent to commercialized astatine Rs 78,404 per 10 grams.

During the day, the precious metallic deed a precocious of Rs 78,580 per 10 grams and a debased of Rs 78,191 per 10 grams. "Gold prices are presently facing insignificant absorption adjacent the Rs 78,500 level, with a akin hurdle successful the planetary marketplace astatine astir $2,745-2,750 per ounce.

This absorption is holding firm, arsenic the upcoming US predetermination adds a furniture of caution for investors. "Additionally, the US Federal Reserve's involvement complaint chopped determination connected November 7 is expected to support golden prices volatile passim the week," Jateen Trivedi, VP Research Analyst - Commodity and Currency astatine LKP Securities, said.

However, metallic contracts for December transportation roseate Rs 239 oregon 0.25 per cent to commercialized astatine Rs 94,523 per kg. In the planetary markets, Comex golden futures roseate $1.50 per ounce oregon 0.05 per cent astatine $2,747.70 per ounce.

According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, comex golden surged connected Monday, supported by safe-haven request pursuing caller polling information that suggested a choky US statesmanlike race, with nary wide frontrunner betwixt Kamala Harris and Donald Trump up of Tuesday's vote.

Last week, golden deed a caller all-time precocious of USD 2,801.80 per ounce amid the intimately contested election, reaffirming its presumption arsenic a safe-haven asset. However, golden retreated from its highs arsenic beardown US economical information raised expectations that the Federal Reserve whitethorn instrumentality a cautious attack to monetary easing, Chainwala added.

In the Asian marketplace hours, Comex metallic futures traded 0.37 per cent higher astatine $32.73 per ounce. "Traders remained cautious implicit the US statesmanlike predetermination and avoided caller directional bets up of the results of a large macroeconomic event," Saumil Gandhi, Senior Analyst - Commodities astatine HDFC Securities, said.