Gold jumps Rs 1,997, Silver jumps Rs 6,911

New Delhi: Gold prices rebounded by Rs 1,997 to Rs 1.41 lakh per 10 grams in futures trade on Friday, tracking gains in global markets and bargain buying by traders after a sharp decline. On the Multi Commodity Exchange (MCX), the yellow metal for April delivery increased Rs 1,997, or 1.43 per cent, to Rs 1,41,490 per 10 grams. It had settled at Rs 1,39,493 per 10 grams, down by Rs 4,604, or 3.2 per cent on Thursday.

Similarly, the June contract also appreciated by Rs 1,811, or 1.27 per cent, to Rs 1,44,325 per 10 grams on the MCX. In the previous session, gold futures slumped Rs 4,926, or 3.34 per cent, to Rs 1,42,514 per 10 grams.

“Gold rose above USD 4,400 per ounce after a sharp decline in the previous session, as US President Donald Trump pushed back his deadline for Iran to secure a deal to end the war,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said. Silver prices rebounded by Rs 6,911 to Rs 2.26 lakh per kilogram in futures trade on Friday as investors returned to the market following a temporary pause in tensions between the US and Iran.

On the Multi Commodity Exchange, the white metal for May delivery soared by Rs 6,911, or 3.14 per cent, to Rs 2,26,785 per kg. In the previous session, silver futures plunged Rs 14,960, or 6.37 per cent, to close at Rs 2,19,874 per kg. In the overseas market, silver futures for the May contract edged up by USD 2.02, or 3 per cent, to USD 69.96 per ounce on the Comex.

Analysts said silver prices rebounded after US President Donald Trump paused military strikes on Iran’s energy infrastructure for 10 days, signalling a window for diplomacy between Washington and Tehran.