Gold Declines Rs 200; Silver Bounces Rs 2,400

New Delhi: Gold prices extended losses for the second straight day after declining Rs200 to Rs79,000 per 10 grams in the national capital on Tuesday, according to the All India Sarafa Association. The yellow metal of 99.9 per cent purity on Monday settled at Rs79,200 per 10 grams. However, silver prices surged Rs2,400 to Rs92,400 per kg against the previous close of Rs90,000 per kg.

The bullish sentiment in the silver market is primarily driven by industrial demand, traders said. Prices of gold of 99.5 per cent purity slipped Rs200 to Rs78,600 per 10 grams. It closed at Rs78,800 per 10 grams on Monday. Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery rose Rs146 or 0.19 per cent to trade at Rs76,833 per 10 grams. Silver contracts for March delivery advanced Rs1,251 or 1.38 per cent to Rs92,061 per kg.

Globally, Comex gold futures climbed $7.40 per ounce or 0.28 per cent to $2,665.90 per ounce. “Gold and silver prices witnessed higher swings in the previous session, pressured by a firm dollar after US President-elect Donald Trump threatened to impose steep tariffs on the BRICS group of countries to dissuade them from attempting to find alternatives to the dollar,” Manav Modi, Analyst, Commodity Research at Motilal Oswal Financial Services Ltd, said.