New Delhi, January 7: Gold prices climbed Rs 700 to Rs 79,700 per 10 grams in the national capital on Tuesday due to fresh buying by jewellers and retailers and depreciation in rupee, according to the All India Sarafa Association. On Monday, the precious metal ended at Rs 79,000 per 10 grams. Silver rose sharply by Rs 1,300 to hit a three-week high of Rs 92,000 per kg on Tuesday. The white metal had closed at Rs 90,700 per kg in the previous session.

The price of gold of 99.5 per cent purity rallied Rs 700 to Rs 79,300 per 10 grams from the previous close of Rs 78,600 per 10 grams on Monday. Traders said gold prices increased due to strong trends in the overseas markets and rise in domestic demand that aided in bullion prices. On Tuesday, the rupee fell 5 paise to settle at 85.73 (provisional) against the US dollar, as higher crude oil prices and outflow of foreign funds continued to weigh on the local unit. Gold Price In India: Price of Yellow Metal Slips Below INR 79,000 per 10 Grams Due to Poor Offtake by Stockists and Retailers.

In futures trade on the MCX, gold contracts for February delivery appreciated Rs 122, or 0.16 per cent, to Rs 77,280 per 10 grams. Silver contracts for March delivery also rallied Rs 551, or 0.61 per cent, to Rs 91,105 per kg in the futures trade on the Multi Commodity Exchange (MCX). Comex gold futures rose 0.28 per cent to USD 2,654.90 per ounce in the international markets. "Gold is hovering around the USD 2,635-level amid mixed cues. Uncertainty around upcoming US President Trump's policy attracts some haven flows and provides support for precious metals," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

Comex silver futures in the Asian trading hours traded 0.73 per cent higher at USD 30.81 per ounce. "Market participants are closely watching the US ISM Services PMI and JOLTS job openings data to be release later on Tuesday, alongside non-farm employment change and unemployment claims reports," Abans Holdings' Chief Executive Officer Chintan Mehta said. Investors will also focus on upcoming Federal Open Market Committee (FOMC) member speeches scheduled for later this week, which will gauge the Federal Reserve's next policy move, Mehta added. Gold to Continue Its Upward Trajectory in 2025, Gave a Return of 20.3 Pc in 2024: Experts.

According to Renisha Chainani, Head of Research at Augmont, this week is critical for gold traders, as they will closely monitor key economic data. "Traders are expected to be focused on how the NFP data compares to last week's inflation numbers. If the US jobs report meets or falls short of forecasts, it may confirm the Federal Reserve's view that a pause in the interest rate-cutting cycle is on the way. "The price of gold is heavily reliant on a dovish monetary policy. If the Fed cuts rates less aggressively, this might negatively impact gold prices and the economy," Chainani said.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)