Gold Rallies Rs 1,910; Silver Climbs Rs 1,870

New Delhi: Gold prices rebounded by Rs1,910 to Rs98,450 per 10 grams in the national capital as rising global uncertainties triggered a fresh wave of safe-haven buying. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs96,540 per 10 grams on Tuesday. Gold of 99.5 per cent purity appreciated by Rs1,870 to Rs98,000 per 10 grams (inclusive of all taxes) on Wednesday from the previous day’s close of Rs96,130 per 10 grams. In addition, silver prices climbed Rs1,660 to Rs99,160 per kg (inclusive of all taxes) on Wednesday.

The white metal had finished at Rs97,500 per kg in the previous market close. On the global front, spot gold rose $21.79 or 0.66 per cent to $3,311.76 per ounce. “A weak dollar supported gold prices. Investors are also evaluating sovereign risk after Moody’s downgraded the US credit rating due to fiscal deficit concerns,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said. The downgrade has heightened uncertainty around the long-term stability of US finances, prompting investors to seek safe-haven assets like gold, Mehta said.