Gold snaps losing streak, rises to Rs 1.59 lakh/10g in Delhi

Gold broke out of a six-session losing streak, staging a sharp recovery of Rs 3,400 to Rs 1.59 lakh per 10 grams in the national capital on Thursday, tracking a firm trend in the international markets.

The yellow metal of 99.9 per cent purity climbed Rs 3,400 to Rs 1,59,500 per 10 grams (inclusive of all taxes) from Wednesday’s closing level of Rs 1,56,100 per 10 grams.

Silver also joined the rebound, jumping Rs 5,000 to Rs 2,40,500 per kilogram (inclusive of all taxes). The white metal had closed at Rs 2,35,500 per kg in the previous session.

“Gold and silver rebounded as US Treasury yields eased from recent highs, while safe-haven demand remains supported by renewed geopolitical tensions,” said Gaurav Garg, Head of Research at brokerage platform Lemonn.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said the rebound highlights gold’s sensitivity to shifts in US monetary-policy expectations.

“Weaker-than-expected private employment data challenged the hawkish Fed narrative, pushing the dollar and Treasury yields lower,” Gandhi added.

In global markets, spot gold gained $55.76, or 1.27 per cent, to $4,443.93 per ounce, while silver advanced nearly 1 per cent to 65.77 per ounce.