Silver jumps Rs 7,000, gold rises Rs 3,700 on wedding season demand

New Delhi: Precious metal prices rebounded by about 3 per cent in the national capital on Monday, with silver jumping by Rs 7,000 to Rs 2.37 lakh per kilogram, and gold advanced to Rs 1.51 lakh per 10 grams on the back of fresh buying by jewellers ahead of the wedding season.

According to the All India Sarafa Association, the white metal soared Rs 7,000, or 3.04 per cent, to Rs 2,37,000 per kg (inclusive of all taxes) from Friday’s closing level of Rs 2,30,000 per kg. Gold of 99.9 per cent purity climbed Rs 3,700, or 2.5 per cent, to Rs 1,51,500 per 10 grams (inclusive of all taxes).

The yellow metal had settled at Rs 1,47,800 per 10 grams in the previous market session. Traders attributed the recovery to physical buying ahead of the wedding season, along with supportive global trends.

Gold recovered on Monday, supported by dip-buying, while declining US Treasury bond yields improved overall sentiment in the precious metals market, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. He added that a sharp reversal in the rupee further supported domestic precious metal prices.