New Delhi, August 9: Gold price rallied Rs 1,100 to Rs 72,450 per 10 grams in the national capital on Friday, taking cues from the global market and a rise in domestic demand. In the previous session, the precious metal had settled at Rs 71,350 per 10 grams. Silver prices also jumped Rs 1,400 to Rs 82,500 per kilogram on Friday against Rs 81,100 per kg in the previous trade, according to the All India Sarafa Association.

Meanwhile, gold of 99.5 per cent purity bounced by Rs 1,100 to Rs 72,100 per 10 grams from the previous close of Rs 71,000 per 10 grams. Traders attributed the rise in gold prices to fresh demand from local jewellers and a firm trend in the international markets. Globally, Comex gold is trading higher at USD 2,468.90 per ounce, up by USD 5.60 per ounce from the previous session. Gold Plunges Rs 350; Silver Rises Rs 200.

Experts said the rise in metal price occurred despite a strong US dollar and rising Treasury yields, driven by a broader market rally. "The metal gained traction even though China's central bank abstained from gold purchases for the third consecutive month," Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said. In the international markets, Comex silver marginally declined to USD 27.60 per ounce. Gold Shines as Demand for Safe Haven Asset Strong; Infomerics Ratings Anticipates 10% Price Jump This Year.

"Gold traders are advised to closely monitor the upcoming CPI data next week, as it will likely confirm the trajectory of interest rate cuts going forward, setting a clearer tone for the market's direction," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. On the outlook, Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd, said that gold is likely to remain buoyed by safe-haven demand and expectations of a US Federal Reserve policy rate cut amid ongoing geopolitical tensions.

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