Gold Prices Soar Amid New Demand, Silver Sees Another Dip

Gold prices rose by Rs 250 to Rs 72,800 per 10 grams in the local market on Monday amid increased demand. Silver prices tumbled by Rs 1,300 to Rs 84,200 per kg due to decreased offtake. In international markets, gold and silver also saw changes in their trading values.

Gold prices surged by Rs 250 to Rs 72,800 per 10 grams in the local market on Monday, driven by heightened demand from jewellers.

In contrast, the precious metal had settled at a lower Rs 72,550 per 10 grams on Saturday.

Meanwhile, silver prices continued their downward trajectory for the third consecutive day, plummeting by Rs 1,300 to Rs 84,200 per kg due to reduced purchases by coin makers and industrial units, according to the All India Sarafa Association.

In the international markets, Comex gold is currently trading at USD 2,461.10 per ounce, down by USD 8.70 from its previous close. Research Analyst Dilip Parmar of HDFC Securities noted that COMEX gold experienced a volatile session, initially dropping sharply before recovering under the pressure of a severe stock sell-off and escalating Middle East tensions.

(With inputs from agencies.)