Gold rises on retail buying by Rs 300, silver remains flat

Gold prices rose by Rs 300 to Rs 1,48,300 per 10 grams in the national capital on Friday due to buying from retailers and jewellers, local traders said.

The yellow metal of 99.9 per cent purity had closed at Rs 1,48,000 per 10 grams in the preceding session.

Silver remained flat at Rs 2,24,700 per kilogram (inclusive of all taxes). Traders said continuous purchases by retailers and jewellers supported domestic gold prices despite weak global prices, while silver traded in a narrow range. In the international markets, spot gold slipped $48.28, or 1.18 per cent, to $4,055.56 per ounce and silver dropped nearly 2 per cent to $57.98 an ounce. “Spot gold is easing back from Thursday’s highs, slipping below $4,060 per ounce as the dollar claws back ground, while silver has cooled too, hovering near $58,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities. According to analysts, the rebound in the crude oil prices also curbed investors’ appetite for precious metals in the overseas markets.