Gold jumps Rs 550 to Rs 97,350/10 gm; silver declines Rs 400

Gold jumps Rs 550 to Rs 97,350/10 gm; silver declines Rs 400

Gold prices rose Rs 550 to Rs 97,350 per 10 grams in the national capital on Monday amid rise in precious metal rates in the global markets.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 96,800 per 10 grams on Friday.

Gold of 99.5 per cent purity also appreciated Rs 550 to Rs 96,900 per 10 grams on Monday. The yellow metal had settled at Rs 96,350 per 10 grams in the previous market session.

Meanwhile, the most traded June contract for gold futures rallied Rs 1,663, or 1.8 per cent, to Rs 94,300 per 10 grams on the Multi Commodity Exchange.

However, silver prices declined Rs 400 to Rs 96,700 per kg from the previous close of Rs 97,100 per kg, as per the Sarafa Association.

Spot gold in the international markets rose USD 46.34, or 1.43 per cent, to USD 3,286.83 per ounce.

"Gold surged to USD 3,280 per ounce on a softer dollar ahead of the upcoming US Fed's two-day Federal Open Market Committee (FOMC) policy meeting starting on Tuesday.

"...market participants are cautiously eyeing Fed Chair Jerome Powell's post-decision press conference. Further, uncertainty around US-China trade developments is likely to keep risk sentiment cautious," Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said.

Spot silver climbed 1.24 per cent to USD 32.41 per ounce.