Gold prices bounce back by ₹700 to ₹79,400 per 10 gm; silver climbs ₹1,300

Gold prices rose by ₹700 to ₹79,400 per 10 grams in the national capital on Friday due to fresh buying by local jewellers and a firm overseas trend, according to the All India Sarafa Association.

The precious metal of 99.9% purity closed at ₹78,700 per 10 grams on Thursday.

Silver also climbed ₹1,300 to ₹92,200 per kg. On Thursday, the white metal prices crashed by ₹4,900 to ₹90,900 per kg.

Price of gold of 99.5% purity advanced ₹700 to hit ₹79,000-mark against the previous close of ₹78,300 per 10 grams on Thursday.

Traders said sentiment turned bullish due to positive trends overseas and rise in domestic demand, which mainly pushed gold prices higher.

Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery climbed ₹602 or 0.79% to trade at ₹76,326 per 10 grams.

Silver contracts for December delivery advanced ₹1,049 or 1.19% to ₹89,051 per kg on the bourse.

Globally, Comex gold futures rose USD 20.60 per ounce or 0.77% to USD 2,685.40 per ounce.

Silver also traded 1.94% higher at USD 31.15 per ounce in the Asian market hours.