Domestic gold and silver prices rose on Thursday tracking global benchmarks. Globally, the yellow metal was at a 1-month high after gaining 2 percent overnight.
Back home, 10 grams of 24-carat gold was available at Rs 47,290 up by Rs 260. Silver was at Rs 62,100 per kg. Gold jewellery price varies across India due to excise duty, state taxes, and making changes.
In Delhi, the price of 10 gm of 24-carat gold was Rs 50,510. The Mumbai rate is Rs 47,290, according to the website.
Globally, gold for December delivery rose $35.40 to $1,794.70 an ounce. Silver for December delivery rose 66 cents to $23.17 an ounce and December copper rose 19 cents to $4.52 a pound. The dollar fell to 113.35 Japanese yen from 113.67 yen. The euro rose to $1.1589 from $1.1531.
Spot gold was up 1.6 percent at a near four-week high of $1,788.01 per ounce by 10:21 a.m. EDT (1421 GMT). US gold futures jumped 1.6 percent to $1,786.60.
According to Manoj Kumar Jain, Director-Head of Commodity Research, Prithvi Finmart, gold and silver gained on Wednesday after profit-taking in the dollar index and US bond yields.
"Both the precious metals were settled on a positive note in the international markets. Gold December futures contract were settled at $1794.70 per troy ounce with a gain of 2.01 percent and silver December futures contract were settled at $23.17 per troy ounce with a gain of 3.02 percent. Both the precious metals were also settled on a positive note in the domestic markets. Gold December futures contract were settled at 47916 per 10 gram with a gain of 1.52 percent and silver December futures contract were settled at 62887 per one kilogram with a gain of 2.11 percent. Gold prices jumped to four-week highs after US inflation report," he said.
In today's session, Jain said that both the precious metals are expected to remain volatile but will continue to find support at lower levels.
"Gold is having support at $1780-1766 per troy ounce and resistance at $1804-1822 per troy ounce. Silver is having support at $23.00-22.70 per troy ounce and resistance at $23.44-23.64 per troy ounce. At MCX, gold is having support at Rs 47,700-47,550 and resistance at Rs 48,100-48,330. Silver is having support at Rs 62,500-62,220 and resistance at Rs 63,100-63,600. We suggest buying in gold on dips around Rs 47,700 with a stop loss of Rs 47,550 for the target of Rs 48,200," he said.
-With Reuters inputs
(Edited by : Anshul)
First Published: IST