Gold prices jump Rs 1,298, silver zooms Rs 1,910 on global trends

Gold in the national capital on Monday rallied by Rs 1,298 to Rs 53,784 per 10 gram in line with strong international precious metal prices and sharp rupee depreciation, according to HDFC Securities.

The yellow metal had in the previous trade finished at Rs 52,486 per 10 grams.

Silver also jumped Rs 1,910 to Rs 70,977 per kg, from Rs 69,067 per kg in the previous trade.

The rupee tanked 84 paise to close at its life-time low of 77.01 (provisional) against the US dollar on Monday as intensifying geopolitical risks due to the Russia-Ukraine conflict pushed investors to safe haven assets.

In the international market, gold was trading with gains at USD 1,996 an ounce and silver was flat at USD 25.81 an ounce.

"Gold prices traded higher with spot gold prices at COMEX trading 1.31 per cent up at USD 1,996 per ounce on Monday.

"Gold prices rallied above USD 2,000 per ounce on Monday trading on escalated tension between Russia and Ukraine," said Tapan Patel, senior analyst (commodities), HDFC Securities.

Navneet Damani, senior vice-president (commodities research) of Motilal Oswal Financial Services, said, "Gold continued to move higher witnessing a sharp upside touching the USD 2,000 level, investors rushed towards the safe havens as increase in tension between Russia and Ukraine and continuous updates regarding the war give a boost to bullion prices.