India News | Gold Snaps 3-day Losing Run, Climbs Rs 570 to Rs 78,700 Per 10 Gm

New Delhi, Dec 23 (PTI) Gold prices recovered Rs 570 to Rs 78,700 per 10 grams in the national capital on Monday amid value buying by stockists and investors following a firm global trend, according to the All India Sarafa Association.

The precious metal ended at Rs 78,130 per 10 grams on Friday.

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Silver surged Rs 1,850 to reclaim the Rs 90,000 per kg-mark on increased offtake by industrial units and coin makers.

The white metal finished at Rs 88,150 per kg in the previous trading session.

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The price of gold of 99.5 per cent purity also jumped Rs 570 to Rs 78,300 per 10 grams on Monday. It closed at Rs 77,730 per 10 grams in the previous session on Friday.

Value buying by stockists and jewellers for the ongoing wedding season supported the uptrend in both gold and silver prices, traders said.

In futures trade on the Multi Commodity Exchange (MCX) on Monday, gold contracts for February delivery slipped Rs 48, or 0.06 per cent, to Rs 76,372 per 10 grams.

However, silver contracts for March delivery climbed Rs 637, or 0.72 per cent, to Rs 89,029 per kg on the commodities exchange.

Comex gold futures fell USD 6.70 per ounce, or 0.25 per cent, to USD 2,638.40 per ounce in the overseas markets.

"Gold and silver prices recovered from one-month and three-and-a-half month lows in a highly volatile session. The dollar index and the bond yields showed profit taking which supported precious metal," Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said.

However, Comex silver futures in the Asian trading session traded 0.72 per cent higher at USD 30.18 per ounce.

On the macro front, US CB consumer confidence data will be released later on Monday which will provide more impetus on the trajectory of the bullion prices, said HDFC Securities' Senior Analyst of Commodities, Saumil Gandhi.

According to Praveen Singh, Associate VP of Fundamental Currencies and Commodities, Mirae Asset Sharekhan, gold is expected to trade with a slightly positive bias in very short term.

However, stellar US third quarter GDP growth rate and retail sales (November) data and the US Federal Reserve's hawkish shift will cap the upside. ETF flows are not much encouraging either, Singh added.

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