Gold, silver rally on softer oil and weaker dollar

New Delhi: Gold prices rebounded by Rs 2,440 to Rs 1.49 lakh per 10 grams while silver prices climbed Rs 5,300 to Rs 2.3 lakh per kg in the national capital on Monday following strong trends in global markets. Gold of 99.9 per cent purity jumped Rs 2,440 to Rs 1,49,640 per 10 grams (inclusive of all taxes), according to the All India Sarafa Association. The metal traded at Rs 1,47,200 per 10 grams in the previous session.

Silver prices also rebounded by Rs 5,300 to Rs 2,30,000 per kg (inclusive of all taxes) from Friday’s closing level of Rs 2,24,700 per kg. Traders said both precious metals rebounded after two consecutive sessions of losses amid easing inflation concerns as crude oil prices retreated, boosting investor sentiment.

“Gold gained on Monday as easing tensions in West Asia triggered a sharp decline in crude oil prices, easing inflation concerns, while a weak US dollar and lower Treasury bond yields provided further support for bullion,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.