Gold extends gains for third day to Rs 1.65 lakh/10g; silver rebounds Rs 5,000

Gold prices rose by Rs 600 to Rs 1.65 lakh per 10 grams in the national capital on Thursday, and silver advanced to Rs 2.71 lakh per kilogram as traders stayed cautiously optimistic towards precious metals amid geopolitical tensions.

Extending gains for the third straight session, the yellow metal of 99.9 per cent rose Rs 600 to Rs 1,65,500 per 10 grams (inclusive of all taxes) from Wednesday's closing level of Rs 1,64,900, according to local marketmen.

The precious metal has gained Rs 2,700 in the past three sessions.

Traders said continued geopolitical tensions in West Asia and concerns over inflation globally supported buying in the metal despite firm US Treasury bond yields.

Silver prices also staged a recovery, jumping Rs 5,000 to Rs 2,71,000 per kilogram, aided by bargain buying and recovery in industrial demand sentiment, market players said.

Analysts said concerns over the US-Iran conflict and disruptions linked to the Strait of Hormuz continued to underpin demand for the precious metals, and a weaker rupee also supported local prices.

Domestic bullion prices remained resilient even as international markets declined. Spot gold edged lower to USD 4,534.54 per ounce while silver slipped nearly 1 per cent to USD 75.39 per ounce.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)