Gold rebounds Rs 800; Silver up Rs 500

New Delhi: Gold prices rebounded sharply by Rs 800 to Rs 1,14,000 per 10 grams in the national capital on Friday tracking firm global cues amid escalating geopolitical tensions and renewed trade frictions between the US and China.

According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity had closed at Rs 1,13,200 per 10 grams on Thursday. In the local bullion market, gold of 99.5 per cent purity also increased by Rs 700 to Rs 1,13,500 per 10 grams.

The precious metal had settled at Rs 1,12,800 per 10 grams in the previous trade. Additionally, silver prices extended gains for the second straight day by climbing Rs 500 to Rs 1,32,000 per kilogram. The white metal had ended at Rs 1,31,500 per kg on Thursday, as per the association.

On the global front, spot gold rose 0.18 per cent at USD 3,651.18 per ounce while spot silver went up nearly 1 per cent to USD 42.16 per ounce. “Gold traded positive in the last trading session of the week, with the overall sentiment for precious metals remaining bullish.

This optimism is driven by several bullish factors, including strong inflows into exchange-traded funds this year, and central banks actively purchasing gold.