Silver rebounds Rs 3,800, gold gains Rs 400 amid fragile truce in West Asia

New Delhi: Silver prices rebounded by Rs 3,800 to Rs 2.47 lakh per kilogram in the national capital on Friday, and gold edged higher to Rs 1.55 lakh per 10 grams as investors weighed fragile geopolitical developments and a weak US dollar.

According to the All India Sarafa Association, the white metal climbed by Rs 3,800, or 1.6 per cent, to Rs 2,47,000 per kg (inclusive of all taxes), reversing Thursday’s decline of Rs 2,43,200 per kg. Gold of 99.9 per cent purity also went up by Rs 400 to Rs 1,55,300 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,54,900 per 10 grams in the previous market session.The gains capped a strong week for precious metals, with silver advancing by Rs 10,000, or 4.2 per cent, and gold gaining 3,800, or 2.51 per cent. “Bullion prices have recovered firmly, supported by cautious diplomatic optimism on the Iran conflict and sustained central bank buying,” Renisha Chainani, Head of Research at Augmont, said. Global bullion prices also moved higher, with spot gold gaining USD 11.52, or 0.24 per cent, to USD 4,777.17 per ounce, and silver was trading nearly 1 per cent higher at USD 75.91 per ounce. “Gold steadied above USD 4,700 per ounce and remained on course for a third consecutive weekly gain, as the US-Iran ceasefire triggered a sharp decline in oil prices and eased concerns over renewed inflation and potential interest rate hikes,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.