NEW DELHI: Silver prices rose by Rs 5,200 to Rs 95,800 per kg, the highest one-day gain, after a sharp two-day slide in bullion prices on Wednesday amid strong global trends and local jewelery buying rush. reached 99.9% pure gold rose by Rs 650 to Rs 78,800 per 10 grams in the national capital on Wednesday, according to the All India Bullion Association.
The gold had shed Rs 2,250 in the last two live sessions. On Tuesday, it ended at Rs 78,150 per 10 grams.
On Wednesday, the price of 99.5% pure gold jumped by Rs 950 to Rs 78,700 per 10 grams.
Silver saw its sharpest one-day jump of Rs 5,200 and regained the Rs 95,000 per kg level after a two-week hiatus in the national capital. Earlier, the highest one-day increase in silver price was recorded on October 21 when it rose by Rs 5,000.
The price of the white metal had fallen by Rs 2,700 in the last two days and ended Tuesday’s session at Rs 90,600 per kg.
Traders attributed the rise in precious metal prices to the unstable geopolitical situation in the Middle East as well as rising consumption in the industrial and wearable segments in the domestic market.
In futures trade on the MCX, gold contracts for December delivery traded up by Rs 702, or 0.93 per cent, at Rs 75,913 per 10 grams.
“Gold traded firmer as markets continued to factor in geopolitical tensions and dollar volatility. While gold remains broadly bullish, short-term uncertainty remains.
“At Rs 75,900 on the MCX, gold is marginally off its peak but significantly above the Rs 67,500 seen during the budget week,” said Jatin Trivedi, VP research analyst, commodity and currency at LKP Securities.
The December silver futures contract rose by Rs 280, or 0.32 per cent, to Rs 88,530 per kg on Wednesday from close to Rs 88,250 per kg previously.
Globally, Comex gold futures rose $27 an ounce, or 1.02 percent, to $2,673.30 an ounce.
“Gold prices rose on Wednesday as geopolitical risks and President-elect Donald Trump’s tariff plans drove gold flows back into gold and some helped restore lost ground,” said Somal Gandhi.
Additionally, a rebound in the US dollar and Treasury yields also supported gold prices, Gandhi said.
Silver rose 0.33 percent to $30.94 an ounce in Asian market hours.
“Gold rose to $2,640 an ounce as the market focused on key macroeconomic data releases, including the PCE price index, Q3 GDP revisions, and weekly jobless claims, ahead of Thursday’s Thanksgiving holiday,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities said.
According to Chintan Mehta, Chief Executive Officer of Aban Holdings, markets will also be closely watching for any escalation in the Russia-Ukraine conflict that would provide further direction to bullion prices.