Gold Rallies Rs 480; Silver Climbs Rs 200

New Delhi: Gold prices rallied Rs480 to Rs99,730 per 10 grams in the national capital on Friday as rising tensions between India and Pakistan triggered demand for safe haven assets, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had ended at Rs99,250 per 10 grams in the previous market close. Gold of 99.5 per cent purity climbed Rs480 to Rs99,280 per 10 grams on Friday. It had closed at Rs98,800 per 10 grams on Thursday.

“Gold prices are holding steady as easing trade tensions take some pressure off the market,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said. However, geopolitical risks stemming from soaring India-Pakistan tensions, Russia-Ukraine war and Israel’s plans to take full control of Gaza continue to simmer in the background and may keep underlying support for gold intact, Mehta said.

These developments could continue to drive demand for gold as a hedge against uncertainty, he added. As per the Sarafa Association, silver prices also increased Rs200 to Rs98,400 per kg. The white metal had settled at Rs98,200 per kg in the previous market session. In the international markets, spot gold rose $22.37 to $3,328.09 per ounce.