Gold prices rebounded by Rs 1,050 to Rs 1.61 lakh per 10 grams in the national capital on Tuesday amid a firm trend in the global markets and a weak US dollar.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity appreciated by Rs 1,050 to Rs 1,61,450 per 10 grams (inclusive of all taxes) from Monday’s closing level of Rs 1,60,400 per 10 grams.Silver prices also advanced by Rs 1,300 to Rs 2,71,000 per kilogram (inclusive of all taxes). The white metal had settled at Rs 2,69,700 per kg in the previous session.
In the international markets, spot gold gained 1 per cent to USD 4,528.75 per ounce, while silver rose 2 per cent to USD 76.29 per ounce.
Gold remained steady on Tuesday, with spot gold trading above the key level of USD 4,500 per ounce in the overseas trade. Prices fluctuated within a range as investors sought greater clarity on geopolitical developments and upcoming US economic data, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
A pullback in crude oil prices, along with softer US Treasury yields and a weak dollar, provided support for bullion, helping to stabilise prices after Monday’s decline, he added.